From January 1 this year, Australia’s newly enacted Payment Times Reporting Scheme (PTRS) requires businesses and government enterprises with an annual total income of over $100 million to biannually report on their payment terms and practices for their small business suppliers.
These reports will then be made publicly available via the Department of Industry’s PTRS website.
To businesses comply with the new regulation Profectus is utilising an AI-driven analytics platform, Sisense, with a solution is claims will save Australian businesses hundreds of hours in compliance time.
The Payment Times Reporting Scheme places considerable pressure on businesses to both surface data and report on payment times swiftly and publically. Profectus has partnered with Sisense to take a highly automated and data-driven approach to this PTRS compliance, in order to save businesses time and money by:
- Submitting the reports to the Department of Industry on the organisation’s behalf,
- Setting up reporting for multiple entities,
- Gaining access to live remediation reporting via its Delta BI platform (powered by Sisense), and
- Providing visibility of progress against the PTRS metrics.
“Compliance legislation is a burden to Australian businesses and can be time and labour-intensive, often involving the use of manual spreadsheets. “
By using technology, AI, automation and data-driven approach, we are moving this burden into an opportunity for large organisations to start thinking about how they can improve their business operation, whilst supporting the vital cash flow of the small suppliers they work with,” said Robert Visentini, Chief Product Officer at Profectus Group.
“This reporting would otherwise be quite onerous for organisations, particularly those who operate multiple entities. By going beyond traditional business intelligence with an insights-first approach, it saves businesses hundreds of hours of time – and it actually becomes a proactive approach to improving parts of large organisations.”
Regional Vice President of APAC for Sisense, Eyal Mekler, says partnering with Profectus is a great example of how an AI-driven analytics platform can infuse intelligence into a powerful process that supports so many major Australian businesses, helping them streamlining their reporting and leveraging data more efficiently while helping with PTRS compliance.
“The partnership is a great example of how businesses can become more agile by infusing analytics everywhere, to unlock faster decision-making and drive actionable intelligence. It’s also a great example of how Sisense can provide the right insights to businesses and enable them internally, without them having to create external and burdensome business processes to adjust to change.”
Profectus is actively engaging with the Australian Government to discuss the report submission process, challenges in data collection and accuracy, and communicate to large organisations about upcoming timelines as the PTRS is rolled out.