Good Business Pays TV
We need to come together to stop late and slow payments that hit small businesses and hold back the UK economy.
Good Business Pays CIC was founded in early 2021 as a response to the growing cashflow problems for small businesses in the UK. We shine a light on "what good looks like" in terms of payment culture. To do this, we created the Fast Payer Awards, an annual accreditation and award given to companies that pay their suppliers fast (i.e. in well under 30 days) and pay almost all of their invoices within agreed terms (i.e. more than 95%).
GBP TV aims to highlight the issues created as a result of a culture of late payment, and importantly share good practice from across industry to promote discussion, debate and so we can all learn from the best and encourage others to improve their payment culture too.
Good Business Pays TV
The Wait Watchers Show Episode 7 - Payment Reporting Enforcement - & Your Legal Responsibilities
If you work in finance or procurement in a large company in the UK, or if you are a Director (executive or non-executive) then you you will hopefully be aware that reporting your company payment performance to suppliers is a statutory duty. Reports must be submitted to the Department for Business and Trade every six months.
However, thousands of large companies do not report at all - that amounts to more than a third of companies that should be reporting by law. If they don't, then the company AND its Directors are liable to legal action.
Many Directors and staff will not be aware of this - and in the past six months, the Department for Business and Trade has stepped up its Enforcement Programme to tackle companies that are not compliant.
This episode of The Wait Watchers Show, presented by Terry Corby, Founder of Good Business Pays, explains the UK Government's Enforcement Programme to ensure people are aware of the very active programme the Department for Business and Trade is currently driving and what it could mean for businesses and their Directors if they do not comply with this statutory duty.
For more information, including company payment data, resources and campaign information, visit goodbusinesspays.com
