The way companies pay their suppliers is not top of the boardroom agenda but increasing legal, cost and supply chain implications have meant the issue is growing in importance, according to a whitepaper from AirPlus International.
Legislative changes spelt out by the government will force larger businesses to publish information about their payment practices and the Prompt Payment Code has been strengthened, notes the white paper, which is titled ‘What billing options are right for you’.
The cost implications of corporate billing options – BT’s global corporate card operations amounts of £150 million, for example – means procurement professionals are increasingly focusing on how their organisations pay suppliers for products and services.
In response to these needs the corporate payment sector is now burgeoning, with a market offering different ways of paying for goods and services that aim to tackle compliance, eliminate time and cost. The whitepaper outlines the different corporate billing options available for companies, from e-invoices to centrally billed programmes, and lodge accounts to mobile apps.
It also outlines what factors procurement professionals need to take into consideration. The first in the ‘AirPlus Advises’ series of white papers addressing various issues in this sector, ‘What billing options are right for you’ can be found in the AirPlus International corporate payment zone on the Supply Management website.