Xero has launched its new Supplier Days to Pay Detail report in the UK, giving business a simple way to track how quickly they pay suppliers and access the evidence needed to support a Fair Payment Cose application.
The Government’s new Fair Payment Code recognises businesses for paying their suppliers fairly and promptly, with gold, silver and bronze awards based on payment performance. Businesses applying for an award need to provide evidence showing how quickly they pay their suppliers.
Until now, businesses wanting to demonstrate their payment performance have often had to export data and manually calculate payment times in spreadsheets. Xero’s new report brings this information together in one view, showing how long it took a business to pay every supplier bill over a selected period and categorising payments into 0–30, 31–60, 61–90 and over 90 days.
Kate Hayward, UK Managing Director at Xero, said: “At Xero we call late payment what it really is: unapproved debt. For too long, small businesses have been used as a source of free credit by the companies they supply. It’s not acceptable.
What’s really refreshing is that we’re hearing from businesses of all shapes and sizes who want to do better when it comes to tracking their payment times. So I’m really glad we’ve found a way to help them, and their accountants and bookkeepers, to do that. We’d love to see every business in the UK aiming to be on the Fair Payment Code list.”
