ACE would like to invite its members to contribute to join us in establishing a set of guidelines for small and medium enterprises when it comes to best payment practices in the industry.
We are pleased to announce two events designed to accomplish this aim, where members will be able to share their thoughts and insights on how SMEs can stay ahead of the curve when it comes to finances and best practices.
The upcoming SME Council meeting scheduled for Thursday 23 February will be joined by Rob Parsons of the Department for Business & Trade. This meeting will focus on proposed amendments and improvements to the Reporting on Payment Practices and Performance Regulations. The meeting is a critical opportunity for SMEs to learn about and provide feedback on these proposed changes.
The meeting will cover various topics, including potential changes to the expiration date of the regulations, new metrics for reporting on payment practices, and clarifications on how supply chain finance is reported. This presents a chance for SMEs to express their views and shape the future of payment practices in the UK.
ACE will later be attending a roundtable event on 8 March, hosted by Fergus Harradence, Deputy Director at DBT, to continue the conversation on the Prompt Payment and Cash Flow Review announced by the UK Government in December 2022. The review will scrutinize existing practices and measures in place to support small businesses in terms of payment practices.
Participation in this meeting is crucial to ensure that the concerns of SMEs are fully represented and for ACE to effectively advocate on behalf of its SME members. The roundtable will provide a forum for continued discussion and feedback, and it is encouraged that members attend both events to maximize their participation.
Guto Davies, ACE’s Head of Policy, commented: “I am delighted to invite our members to two separate events for SMEs to discuss and understand the role they can play in shaping the future payment practices in the United Kingdom.”
“SMEs make up an important part of our membership, and it is vital that we are able to support you in ensuring best payment practices. We look forward to seeing you at both of these events in the near future.”
The feedback and participation of SME members is essential in shaping the future of payment practices in the UK. Contact membership@acenet.co.uk if you would like to get involved.
