Since the start of 2021, businesses within the construction sector have been dealing with reforms to the Prompt Payment Code.
As a result of the new updates, some businesses within the construction sector will now be required to place a greater emphasis on managing invoices. If not, they face being removed or suspended from the Code.
Fortunately, e-invoicing platforms, such as Tradex are helping to greatly mitigate this risk. The intuitive technology makes invoice management far easier and reduces the likelihood of delays in the invoice payment process. What’s more, the powerful system has been designed and built specifically with construction finance in mind.
A true e-invoicing solution
Tradex is a true e-invoicing solution that can process invoices in a no-touch way through to a business’s ERP for payment. The system can automatically validate invoices, which makes the Prompt Payment Code easier to uphold. Likewise, invoices can be rejected instantly via straight-through processing based on predefined business rules.
Additionally, the system provides greater visibility for all parties on current invoice statuses. Through this more transparent way of working, businesses across the sector are able to make payments quicker, reduce supplier disputes and foster more profitable relationships with one another.
Generate savings of more than 50%
On top of all this, by choosing to adopt Tradex, businesses are able to realise savings of more than 50%, on average, on the cost associated with processing invoices manually. In addition to this cost saving, businesses can use the time saved through Tradex to focus on more important value-added tasks, which deliver greater benefits.
So, if you’re concerned about the promptness with which you make payments to your suppliers, or feel that your invoice management performance could do with a boost, why not consider trading up to Tradex? It’s the UK’s largest online trading network in construction with thousands of businesses already onboard, including major suppliers across the supply chain.
So, if you’re looking to adhere to the prompt payment code, consider trading up to Tradex?