Officeworks signs up to prompt payment code
6 August 2019
Retailer commits to paying suppliers ‘promptly and on time’.
Officeworks has signed up to the Business Council of Australia’s ‘Supplier Payment Code’, which promotes prompt payment of invoices to small and medium-sized businesses.
The retailer joins many other major companies and organisations in agreeing to pay small SMEs within 30 days.
The code is a voluntary initiative to ensure small business suppliers are paid promptly and on time.
The code commits signatories to:
- pay eligible Australian small business suppliers on time and within 30 days of receiving a correct invoice, and
- help suppliers implement new technologies and practices to speed up invoicing.
The Council states: “Paying small businesses within 30 days is critical to easing stress, supporting their ability to expand, keep healthy cash flows and employ more people’
“The relationship between small, medium and large business is worth about $500 billion a year to the Australian economy. When the entire business ecosystem thrives, the whole country thrives.”
Any business, not-for-profit or government organisation can sign-up to the code at any time.