Following the success of our webinar with Eversheds we are pleased to announce that on Thursday 28th January from 3-4pm we will be holding a Barnsley Case Study Webinar with Steve Loach, who is Strategic Finance Manager at Barnsley Metropolitan Borough Council.
Barnsley Council have worked with Oxygen for three years and the interview with Steve will help explain the challenges that the Council had faced and the reason they decided to engage with Oxygen Finance. It will also cover Barnsley’s experiences and the outcomes they’ve achieved from implementing their Premier Supplier Programme. After the 20 minute webinar there will be time for a Q&A session in which both Steve Loach and Simon Whittle, Director of Client Solutions at Oxygen Finance will answer your questions.
If you are interested in signing up to the webinar please email Katrina.Mowbray@oxygen-finance.com to register, as there are limited places available.
Last month we were delighted to collaborate with international law firm Eversheds, to hold a webinar about the new obligations and potential exposure the Public Sector is facing due to the Prompt Payments Legislation.
In the webinar Gareth Kentish, our Head of Sales, was joined by Shaun Jamieson, Legal Director at Eversheds and following Gareth’s introduction , Shaun went on to cover the following topics:
This webinar can be viewed in our new Oxygen Finance Members’ Area, which you can access by registering here today. Once you have registered you will be able to login here www.oxygen-finance-members.com.
The Late Payments Legislation webinar recording is now available to view in our new Oxygen Finance Members’ Area, which you can access by registering here today. Once you have registered you will be able to login here www.oxygen-finance-members.com.
Registration will also will give you free access to our library of Payment Insight materials to which we will be adding forthcoming webinar recordings as well as a range of white papers and case studies that offer a bank of knowledge and resources for you to draw on.
Starting the new year in the same vein as we left off in 2015, Oxygen is delighted to announce that we have been engaged by West Sussex County Council to implement and operate our early payment programme, to be branded by the council as its Supplier Advantage Initiative.
This marks the latest county council among Oxygen’s local authority clients, which also span city councils, unitaries and metropolitan boroughs the length and breadth of the country. West Sussex’s programme will push liquidity into the council’s supply chain, while simultaneously helping West Sussex to meet its ambitious savings targets. In parallel, the initiative helps the council in its continuing ambition to maintain best practice and capitalise on technology and innovation in order to constantly improve the efficiency and robustness of the council’s processes.
West Sussex’s Executive Director for Corporate Resources and Services, Peter Lewis, commented “We are delighted to be working with the market-leading provider, Oxygen Finance, to put in place the council’s Supplier Advantage Initiative and we’re confident that their proven experience of running successful programmes in the UK public sector will be crucial in ensuring our Supplier Advantage Initiative achieves its goals.”
The Oxygen programme has in its sights the council’s key priority of championing the West Sussex economy- a critical part of this being to ensure that the council’s extensive supplier base receives the support it needs, not just in terms of improved liquidity, but as part of an increasingly collaborative relationship, which seeks to increase the efficiency of the entire buyer/ supplier relationship and leverage this to address the council’s wider strategic economic objectives.
Oxygen is very much looking forward to working closely with West Sussex County Council for the benefit of the local authority’s suppliers and the council itself, in terms of achieving both further increases in process efficiency and, perhaps more importantly, tangible savings.”
As the festive season approaches, we’ve been looking back on some of the successes Oxygen has seen in 2015 and the opportunities we face in the year to come.
It’s been an incredible year for Oxygen, seeing tremendous growth and developments throughout the business, all in the midst of a market which is constantly developing, with the issues of prompt and early payment coming increasingly to the fore. We’ve seen phenomenal traction as Oxygen has consolidated its position as the premier provider of early payment solutions in the UK and in particular the continued roll-out amongst local authorities, forming our core market, now sees us with live clients the length and breadth of the country, from Croydon to Cumbria and Aberdeen to Warwickshire. Meanwhile, the results being realised by Oxygen clients also continue to smash all previous records!
– Higher rebate levels being established than ever before
– Still further advances in payment acceleration being achieved
– More value delivered to suppliers, with Oxygen clearing the milestone of 1,000 signed suppliers earlier in the year and, as ever, 100% of connected suppliers including 100% of their invoices in 100% of our programmes
– 5 consecutive record-breaking months of rebates generated by client programmes
The challenges facing the public and private sectors alike continue to grow, with budgets squeezed, the competitive environment still fierce and an ongoing need to improve operational efficiency and eke out new income streams, set against a backdrop of ever-tightening resource constraints. Oxygen’s offering has been well-received across the board for companies and local authorities looking to improve P2P efficiency, mitigate legislative compliance risks, improve CSR and supply chain stability and above all, generate a new income stream.
The environment here at Oxygen has also continued to change, with new faces popping up across the business. The supplier onboarding and delivery teams have been recruiting as we further build out our already extensive capability in those areas. In response to the growing number of clients in the North, we have established a regional office in Oldham- the location being ideal to support our clients in Oldham, Barnsley, Warrington, Cumbria and the North-East. We’ve welcomed a new Head of Sales to the team and his fresh perspective helping to strengthen our client engagements. Perhaps most importantly, Ben Jackson has recently taken the helm as CEO, already bringing in a suite of developments to hone the company’s strong performance.
The issues of late, prompt and early payment have seen a heightened profile during the course of the year, with central and local government coming to realise the important impact that payment performance can have on their supply chains and those of UK corporates. New legislation has now been introduced (effective February 2016) obligating buyers to report on their supplier payment performance. Failure to pay suppliers by due date now translates to a transparently disclosable liability which can reach into the millions, even for buyers with top-quartile payment performance. This has proved of enormous interest at the numerous customer events we have held, including this year’s LGA conference in Harrogate, where we found many in the audience were unfamiliar of the implications of non-compliance and therefore grateful for our enlightening presentations on the subject. Oxygen was pleased to be invited early in the year by Lord Young to Downing Street to explore innovative ways to improve working capital within the supplier community, while we took an active part in the Department for Business, Innovation and Skills’ Small Business Commissioner consultation this autumn, offering valuable insight into some of the nuances of early payment
Finally, in support of client programmes, we’ve made yet further investments in the Oxygen technology, extending beyond just the world-leading rebate automation platform underpinning all of our programmes. Much of this is behind the scenes, but our expanded performance analytics and improved user interface is actively supporting payment acceleration and best practice amongst our clients. Extended e-invoicing functionality has also strengthened our service, contributing further to clients’ P2P efficiency and additional reporting functionality renders Oxygen clients compliant with their new reporting obligations noted earlier
It’s been a busy, but hugely satisfying 2015 for us and we look forward to another fantastic year in 2016 as we continue to grow and develop the business, in close collaboration with the expanding family of Oxygen clients.
Merry Christmas and a happy new year from everyone at Oxygen!
In light of the new obligations and potential exposure due to the Prompt Payments Legislation, we invite you to join our webinar with Eversheds International Law Firm on Wednesday 16th December at 3pm (UK time).
The webinar will be hosted by Shaun Jamieson, Legal Director at Eversheds, and he will review the underlying policy and developing legislative framework, “to include the new procurement regulations” surrounding the requirements for prompt payment and the legal and practical consequences.
The key topics that will be covered in the 30 minute webinar include:
− Late payments legislative history
− Payment obligations
− Transparency obligations
− Consequences of failure to pay / late payment
− Practical steps
This is an unrivalled opportunity to learn more about the legislation, which is a key topic for the government and widely covered in the press. At the end of the webinar you will have a chance to ask some questions to Shaun, which will help you understand what you need to do to comply with the legislation.
Please email firstname.lastname@example.org if you would like to sign up to the Webinar.
Following on from the success of the Premier Supplier Programme delivered with the London Borough of Croydon, we are delighted to have now launched the London Borough of Bexley Supplier Incentive Programme (SIP), with the support of London Councils. The programme intends to pay participating suppliers invoices early and in doing so generate an additional saving for the Council through the deduction of a small rebate.
Suppliers who join the programme will see improvements to their cash flow and working capital as well as the opportunity to access a range of new services such as free e-invoicing, dedicated service contacts, account support, prioritised query resolution and increased visibility within the Council.
The Supplier Incentive Programme is a win-win solution for both the council and their suppliers, this will also provide opportunities for the Council and suppliers to work together on developing even better long-term solutions. The suppliers who choose not to join will continue to see the value of working with the Council and remain on their existing contracted payment terms.
“We are committed to supporting our business partners and this new business initiative will enable us to help Bexley’s supply chain.” Alison Griffin, Director of Finance
“Implementing the Supplier Incentive Programme will ensure that Bexley is super-efficient in our payment practices, which is good news for our suppliers and providers.” Councillor Don Massey, Cabinet Member for Finance and Corporate Services.
To find out more information about the Supplier Incentive Programme please visit www.bexley.gov.uk/sip
A new study published this month by The Forum of Private Business (FPB) has shown a ‘high degree of variation between the fastest and slowest paying councils’.
Whilst Local Authority payment performance has seen an improvement in the past 12 months, FPB managing director Ian Cass reported that “there are concerns that some councils are not able to report how many bills are paid in 30 days, which may indicate operational issues.”
Furthermore, the lobbying group has come out as being strongly in support of the EU Directive on late payments and has gone on record that the Government should agree to “faithfully transpose” it.
The integration of the EU Directive on Public Sector Procurement into UK law poses a potentially worrying challenge for Local Authorities with its legal requirement to open up payment performance reporting. Not only are public authorities being required to publish annually the number and value of invoices they have paid late, they will be forced to apply the financial penalties inherent within the Late Payment of Commercial Debts Act to calculate and report the late payment liabilities they “have, or should have” paid.
New estimates show that a typical upper tier Authority could be faced with an annual liability of between £300,000 and £750,000, unless they are able to comply with forthcoming changes in late payment legislation.
Read more about the issues and implications of the payment disclosure obligations facing Local Authorities in our white paper: Calling Time On Public Sector Late Payment.
Ben has most recently been COO at Oxygen, following a career in Procurement & Business Transformation. Previously Ben has worked internationally in Oil & Gas, Telecoms, Infrastructure and Logistics businesses, running enterprise transformation and modernisation programmes.
“I’m delighted to be CEO”, commented Ben, “It’s an exciting time for our business with existing clients obtaining ever improving results, whilst our more recent clients are taking advantage of our latest thinking and experience.
“When we started this business, the wider advantages of Early Payment Programmes were less understood, now we see widespread adoption of the techniques that we have pioneered. I look forward to driving the business forward and delivering results for our customers”.
Gareth has held senior executive roles in BT, Cable & Wireless and more recently Hansen Technologies. His background lies in Telecommunications and Technology having worked in Australia, France and the United Kingdom.
Gareth was attracted to Oxygen Finance due to the people and importantly, the innovative proposition the company has in its portfolio.
“I am excited about Oxygen’s unobtrusive cloud technology around the purchase-to-pay processes, where both buyer and supplier benefit. It’s definitely a ‘win/win’ solution – I like that!”, stated Gareth.
Gareth complements the current sales and marketing teams and is keen to capitalise on the tremendous growth the company has enjoyed, especially over the last 18 months.
We are delighted to report that Warwickshire County Council has now launched its new Premier Supplier Service (PSS) to key suppliers, who have welcomed the programme. Suppliers who sign up to the service will benefit from early payment of their invoices in exchange for a small percentage rebate on each invoice.
The Council, which is working with Oxygen Finance Ltd to manage the implementation of the Service, will benefit from improved processes. All funds generated through this programme will then be fed back into the day to day services on which the people of Warwickshire and local businesses rely.
Suppliers will see improvements to their cash flow and working capital and the opportunity to access a range of new services such as e-invoicing, dedicated service contacts, account support, prioritised query resolution and increased visibility within the Council.
The Premier Supplier Service will also provide opportunities for the Council and suppliers to work together on developing even better long-term solutions. The Premier Supplier Service is a voluntary initiative and suppliers who choose not to join will continue to see the value of working with the Council and remain on their existing contracted payment terms.
Cllr Alan Cockburn, Deputy Leader of the Council said “We are pleased to be offering the Premier Supplier Service to our suppliers to maintain positive business relationships. I recommend all key businesses that deal with the Council to sign up to the scheme and see the advantages of early payment.”
Cllr Matt Western, Chair of the Corporate Services Overview and Scrutiny Committee said “The Council’s key priorities are driving economic growth within the local community, seeking innovation and delivering resources in a more efficient manner which can all be achieved through encouraging suppliers to sign up to the Premier Supplier Service.”
To find out more information about the Premier Supplier Service, visit www.warwickshire.gov.uk/pss