Takeaways
The construction payments landscape is undergoing significant change. From proposed legislation and enhanced supplier protections to the growing role of digital invoicing and payment visibility, the industry is moving towards faster, fairer and more transparent payment practices. Here are the key insights and practical lessons shared by our expert panel, and what they mean for businesses across the supply chain.
Here are your key takeaways:
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The construction industry is moving towards a future where late payment becomes the exception, not the norm.
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Faster payments are about more than compliance, they're a catalyst for healthier supply chains and stronger business growth.
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SMEs stand to benefit most from greater payment certainty, transparency and faster access to cash.
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Digitalisation and e-invoicing will be key enablers of fairer, more efficient payment processes.
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Organisations that act early will be best placed to adapt to changing regulations and industry expectations
Payment reform is gathering momentum.
Upcoming legislation, e-invoicing initiatives and the Fair Payment Code are all aligned around one goal: improving payment practices and getting money moving through the economy faster.
The balance of power is shifting towards suppliers.
New measures are designed to address long-standing payment challenges for SMEs, providing greater protection against excessive payment terms and late payment practices.
Technology will be critical to compliance.
Digital invoicing, payment visibility and automated processes will play an increasingly important role in helping businesses meet new payment expectations efficiently.
Good payment practices deliver commercial benefits.
Organisations that pay suppliers promptly can strengthen supplier relationships, improve operational efficiency and enhance their reputation in the market.
Preparation should start now.
Businesses have a window of opportunity to review payment processes, contracts and systems ahead of legislative changes expected to be introduced over the coming years.
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