Venues and Events International has introduced a purchasing card system to enable it to procure goods and services on behalf of its clients without having to go through traditional corporate procurement channels.
The P-Card system means that the Swindon-based agency can now manage a virtual payment card on behalf of its clients, which ensures faster and smoother payments to suppliers, who may otherwise have to wait up to 60 days under many corporate payment terms.
The advantage to the client of authorising a digital P-Card to a trusted agency is the associated cost savings of not having to process a raft of paper invoices along with improved productivity. It also reduces the risk of late payments that can damage supplier relationships and removes the amount of time staff have to spend responding to invoice payment enquiries.
Venues and Events International, Head of Finance, Nicola Reynolds explains: “Traditional bill-back processes often see the agency collate all of the supplier invoices around an event and then send them back to the client in a consolidated form. Unfortunately, processing all these invoices, and responding to demands for payment has an associated cost. Not being able to release funds quickly can also have an impact on things like deposits and the smooth set-up of an event.
“A much better way to instil trust and improve the supply cycle for each event is for clients to authorise us as the agency to manage the payments via a digital P-Card, which the majority of our clients are now happy to do.”
For more information on P-Cards or to speak with Venues and Events International, Financial Controller, Gary Moules, please contact agency Chief Executive Anita Lowe on 01793792200 or email [email protected]