Late Payment - Calls grow to ditch Rentokil
Trade secretary Stephen Byers will today be urged to back calls for the expulsion of Rentokil Initial from the government-sponsored Better Payment Practice Group over its controversial 60-day payment policy.
In a letter due to be sent to Byers today, the Forum of Private Business will insist Rentokil is removed as a signatory of the BPPG code which requires members to agree and stick to payment terms with a supplier.
Rentokil, whose chief executive Sir Clive Thompson is president of the CBI, had promised to re-issue a circular issued to suppliers in November enforcing 60-day payment terms. But the forum will tell Byers that Rentokil has not contacted suppliers and is breaking the spirit and letter of late-payment legislation.
November’s Late Payment Act allows companies to charge an extra 8% interest above base rate on overdue invoices after 30 days, if no payment agreement is reached.
The issue will come to a head at the next BPPG meeting on 22 March, when the forum will have to prove Rentokil is breaking the code.
David Harvey, ACCA’s representative on the BPPG, said: ‘We’re not going to make a position on hearsay. Both sides need to justify their position.’
The numbers you crunch tell a story. Your expertis...
25yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleGlobal spend on accountancy outsourcing up by 40% in the space of five years. News comes as accountancy outsourcing specialist AdvanceTrack reports en...
View articleFollowing a profitability review, Deloitte has decided to scale back its UK deals business due to lower returns. This strategic shift could lead to jo...
View articleUK-based Dow Schofield Watts (DSW), a mid-market professional services network, announced the creation of a new division called DSW Principal Partners...
View articleEY has been undergoing significant cost-cutting measures and streamlining its operations since the abandonment of Project Everest. The firm has made t...
View articleTransitioning from an accounting firm to a consultancy model is only one part of the puzzle. The next, equally vital piece is making the market aware ...
View articleThis framework, while providing a top-line view, underscores the importance of strategic vision, operational excellence, and the spirit of continuous ...
View articleLooking ahead, the Big 4 firms face a challenging year, with ongoing cost-of-living concerns, slow economic growth, rising geopolitical tensions, and ...
View articleLast month it was reported that Deloitte would be cutting approximately 1,200 jobs in the United States, making it the latest of the Big Four accounti...
View article