The Better Payment Practice Group Launches new Awards for Reducing Late payment from Customers

The Better Payment Practice Group has launched its first ever awards for “Significant Achievement in Reducing Late Payment from Customers”. The awards recognise the importance of protecting business cash flow from the detrimental effects of late paying customers through the introduction of good credit management practices.

Two awards will be given: one for firms with 50 or fewer employees and one for firms with over 50 employees.  The winners will be announced during the Institute of Credit Management (ICM) Annual Dinner at the Inner Temple, London, on 14th October 2005. The two winners will be presented with certificates and trophies on the night and in addition a ‘Highly Commended’ runner-up in each category will receive a certificate.

The panel of judges includes BPPG members Professor Robin Jarvis, Head of Small Business at the Association of Chartered Certified Accountants, Rene. de Sousa, Senior Procurement Specialist for the Chartered Institute of Purchasing and Supply, and Clive Lewis, Head of SME Issues at the Institute of Chartered Accountants in England and Wales, along with Brenda Linger, ICM Chairman, and Barry Stamp, member of the ICM Technical Advisory Committee. Entries will be validated by Credit Scorer, a leading risk management and benchmarking provider affiliated to the Credit Management Research Centre at Leeds University.

Professor Robin Jarvis commented: “The Awards are the first time the Group has been able to recognise formally companies who are taking active steps to change the payment culture in the UK. We are delighted to be involved in highlighting these positive role models for the rest of the business community.”

Barry Stamp added: “It is vital that businesses of all sizes implement strict credit management controls to protect their cashflow. The broad scope of the awards means that companies ranging from a sole trader through to medium and large companies can be recognised for their hard work and success in tackling the negative impact of late payment.”

The BPPG are inviting businesses to nominate themselves. Full details of the Awards and the nomination form, can be found at: www.payontime.co.uk/awards.html. The closing date for entries is 15th August 2005.

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