Supporting you on your Payment Times Reporting journey.
The Payment Times Reporting Act is complex and trust in your preparation and metrics is crucial. With the first reporting requirement due on 30 September, KPMG can assist with Payment Times Reporting and help you prepare submissions to the Payment Times Reporting Regulator.
Combining subject matter expertise with our tech-enabled solution, KPMG offers a tested formula for Payment Times Reporting compliance. Compliance and reputational risk can be at stake, it’s important to get this right.
A bespoke formula to get you ready to report
There is no one-size-fits-all solution when it comes to Payment Times Reporting preparation. Our bespoke offering combines specialist knowledge with practical insights gained helping clients across all sectors and industries prepare for Payment Times Reporting.
For those who have just started on their Payment Times Reporting journey, we can help you get the right foundations and identify any issues with speed.
Take the pressure off and power your Payment Times Reporting preparation with KPMG’s tech-enabled solution for comprehensive and ongoing compliance - everything you need for regular reporting.
Done the work but need the confidence from a trusted adviser? We can offer an objective analysis of your internal calculations and get a clear picture of issues and opportunities to help improve your performance and manage risk proactively.
How does it benefit you?
Peace of mind
Confidence in clarity of the legislation and how it applies to your business.
Speed & accuracy
Technology that empowers you to visualise your data, validate it’s correct and assist you with your submissions to government.
Insight and strategies that can help address compliance, process and control issues relevant to your metrics.
Clear view of data
Track payment terms and payment practices for small business suppliers and compare data and performance over different time periods.
Board reports for fast and efficient approval as mandated by the regulation.
Supported by specialists
Direct access to our Payment Times Reporting Advisory specialists.
How does it work?
Specifically designed in line with the Payment Times Reporting Act, making your submission process easy and efficient.
Use our simple source data upload functionality for all your reporting entities, validate the data quality and identify gaps.
Visualisation and benchmarking
View your supplier payment data and metrics calculations with our interactive dashboard.
Give your board confidence with full visibility over your business' degree of compliance prior to submission with a Board Payment Times Report and Submission Upload template.
Designed by Payment Times Reporting specialists from client insights.
"Combining the expertise of our Payment Times Reporting specialists with our proprietary KPMG Payment Insights technology solution, we offer Australian businesses the necessary insights, speed and accuracy required to report with confidence. Our approach aims to streamline and simplify for our clients what was potentially a labour and time-intensive exercise. Our clients certainly see the value in working with a trusted adviser to assist with their preparations to comply with the evolving guidance materials under the Payment Times Reporting Scheme." Vince Dimasi, National Lead, Working Capital Advisory & Payment Times Reporting KPMG Australia
Get ready to report
Access your complimentary 10-Point PTR Submission Checklist today by submitting your details. One of our Payment Times Reporting specialists will get in touch to help get you ready for your first Payment Times Reporting submission.
Payment Times Reporting: what you need to know
The new Payment Times Reporting Act is much more complex to implement and comply with than many organisations might expect.
As a key part of the government’s commitment to improving cash flow and liquidity for small businesses, the new Payment Times Reporting Scheme aims to increase transparency over how large businesses are dealing with small business suppliers and managing payments to them.
From 1 January 2021, large businesses and certain government entities with income greater than $100m are required to report on small business supplier payment terms and practices. Entities assessed as reporting entities will need to report bi-annually and will then have three months at the end of every reporting period to lodge this information with the new Payment Times Reporting Regulator.
Reporting entities will need to use the Small Business Identification tool in order to identify suppliers that will be deemed small business suppliers for the purposes of the Act. The Small Business Identification tool will be continually updated by the Department of Industry Science Energy and Resources (DISER) and reporting entities must use this tool at least once every six months to ensure they are reporting accurately on relevant small business supplier payments.
Timely and accurate reporting is essential. In addition to potential fines for non-compliance, there is also a reputational risk for reporting entities as this data will be made publicly available via the Payment Times Reporting website.