Take control of Payment Times Reporting with Confidence
Your Data, Our Expertise. Accelerate your time to report and identify opportunities to improve payment times with our cloud-based software, built with trusted legislative experts and data auditors.
PTRS Fact Sheet
The Payment Times Reporting Scheme (PTRS) is complex, demands rigorous accuracy and deep trust in your data and reportable metrics.
With mandatory public disclosure of metrics, significant financial penalties of up to 0.6% of total income and $93.9k per day for late submissions, the importance of precision in your compliance strategy is paramount to safeguard your reputational integrity. Partner with experts who navigate these complexities daily.
What is the Scheme?
The Scheme aims to promote transparency, help small businesses make informed decisions about who they do business with, and improve cash flow for small enterprises by encouraging prompt payments. It requires large businesses to publicly disclose how quickly they pay small business invoices.
Who must report?
Effective 1 January 2021, Australian businesses with income greater than $100m and entities within the group with more than $10m must report twice a year.
What information must be reported?
Each reporting entity must report over 60 data points with respect to their payment practices to small business suppliers including information about the entity, payment terms, aggregated payment time metrics in duration bands of within 20 days, 21-30 days, 31-60 days, 61-90 days, and more than 120 days as well as other qualitative details.
About our software
Accelerate Your Compliance, Elevate Your Reputation
Our FairPayment cloud-based solution not only fast-tracks your compliance journey but also boosts your support to the backbone of the Australian economy - the small businesses. With FairPayment, turn your payment practices into a showcase of your enterprise's integrity and efficiency.
Key Benefits
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Support in applying requirements
Our team of experts have supported numerous organisations understand and apply the guidance and requirements, giving you confidence in your process and reported outcomes.
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Stay up to date
Our software stays up to date with the latest requirements of the Scheme so you don’t have to. Regulator updates will be communicated by our team of experts and seamlessly integrated into FairPayment, so you can report with confidence.
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Enable trust in your data
Our software performs over 40+ data quality checks, quickly pin-pointing issues impacting your submission accuracy. Alerts are surfaced for incorrect formats and missing information required for the submission. The 1-click report generator gives you confidence that each submission follows the Scheme requirements
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Empowering board approval
Visually explore payment performance dashboards to compare calculated reporting metrics within your group and benchmark against your peers. Gain a clear view of data calculations to enable efficient board approval and confidence in your reportable metrics.
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Easy to get started
Simple and easy self-serve experience, saving you time. Access to the workflow interface guiding the entire process from data to ready to lodge submission files. Getting started quickly is easy with sample data templates and an intuitive data upload module.
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Easily repeatable
Previous calculations parameters are saved and can be rolled forward. This helps to streamline and accelerate the process of generating your next report and adhere to reporting requirements.
How we can help?
Accelerate your 1st report
Our PTR experts and data specialists will help you accelerate reporting and gain confidence on your submission.
Validate your calculations
Provide an objective view and stress test your in-house approach and calculations to give you peace of mind.
Legal support
Support your reporting entity eligibility process and regulator response preparation.
On-going submission support
Affordable managed service of your on-going reporting requirements driving efficiency and quality.
Software-as-a-Service
DIY with our cloud-based software empowering you to upload data, analyse the results and generate your submissions.
Uncover actionable insights
Supporting you to uncover value through compliance, uplift payment performance, benchmark against comparable peers, and optimise costs and working capital.
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