On the 17th of October, Causeway will be joining Chartered Institute of Credit Management (CICM) CEO, Philip King, for a webinar that will demystify the impact of the latest payment practice legislation on businesses operating within the construction industry.
It is not uncommon for new legislation to create confusion and misunderstanding in businesses, and the data suggests that this holds true in the construction industry. According to payment practice reports submitted to the government, the industry’s top 20 contractors take an average of 47 days to pay invoices: 9 more than the UK average.
Given there have been 19 new payment initiatives introduced since 2004, it is surprising that the industry seems to be making little improvement to its payment practices. Despite these initiatives, payment obligations remain a challenge across the construction industry.
Fortunately, with this challenge comes a genuine, largely untapped opportunity to turn compliance to competitive advantage. However, while there are many ways that compliance and business effectiveness can run in parallel, the first step to realising these benefits is understanding exactly what the latest legislation, guidance and codes require of businesses in practical terms.
Few understand this need for clarity around payment practice obligations and legislation as well as Philip King FCICM. As Chair of the Compliance Board for the Prompt Payment Code and Chief Executive of CICM, Philip has a comprehensive understanding of the ‘Duty To Report on Payment Practice and Performance' legislation, the Prompt Payment Code, and what they mean for businesses.
As a result, Philip will be co-hosting a webinar on 17th October with Causeway Technologies to dispel the common myths and rumours surrounding the new payment practice legislation and Prompt Payment Code. The webinar will also see Causeway’s Digital Business Advocate, Tim Cole, explore how digital processes can underpin compliance whilst also improving business efficiency, supply chain relations and competitive advantage for construction companies.
The webinar will take place at 12pm BST, with the agenda available and spaces bookable here.