Payment Times Reporting From JD Edwards Release 22
Reduce Your Payment Times Reporting Scheme Compliance Costs
With the establishment of the Payment Times Reporting Scheme (PTRS) in January 2021, large businesses must now publicly report on their management of payment times and practices with their small business suppliers.
The goal of this new Australian reporting requirement is to create transparency for small businesses, to help them better manage their cash flow, in particular when dealing with large businesses as customers.
Payment Times Reporting Scheme Guidance
For many reporting organisations, meeting their reporting obligations under the new Payment Times Reporting Scheme (PTRS), has proven to be considerably more challenging and time consuming than expected. Extracting the relevant data from internal systems, performing the various required calculations then manually adding the required information prior to submission via the governments reporting portal, has been taking most reporting organisations several days to compile, check and submit.
The sort of information that large entities need to report on includes:
- Standard payment periods to small businesses (including the most common, shortest & longest).
- The proportion of small business invoices paid by payment bracket, by number and value.
- (Required for several payment brackets up to 120+ days.)
- The proportion (by value) of procurement from small business suppliers
- Details of use/offers of supply chain finance to small businesses.
This information is not part of existing reports or existing localisations available in your JD Edwards ERP system, nor is it easily generated using arrays of reports from JDE. However it is required for submission via the Department of Industry Science Energy and Resources twice annually.
Payment Times Reporting Scheme Simplified
Our simplified 5 step process will dramatically reduce the time it takes for you to meet your reporting obligations, now and into the future, as well as reduce your cost of managing compliance, reduce your risk and provide your organisation with an easy to use, robust repeatable process to facilitate maximum RPA opportunity.
Step 1: Identify
We help you identify which businesses amongst your suppliers will form the basis around which reports are built.
Step 2: Utilise
We extract the components of reportable data stored within your JD Edwards ERP system and produce the base .csv file.
Step 3: Calculate & Match
We apply calculations & work with you to efficiently gather and add the reportable data that is not stored in your systems.
Step 4: Submit
You submit your Payment Times Report to the regulator.
Step 5: Automate
We future proof the process, establishing a robust repeatable, partially automated framework for ongoing compliance.
Benefits Of Using Ndevr For Payment Times Reporting Scheme Compliance
Our team are already highly experienced in Payment Times Reporting compliance, having supported many organisations through the process of preparing and submitting reports, then optimising and future proofing their processes.