Osborne has, as part of their commitment to industry best practice, moved to significantly strengthen supply chain relationships through the adoption of a quick and simple to use payment processing service.
The leading construction, civil engineering and property services business is using the cloud-based WebContractor service to enable subcontractors to upload and submit applications for payment online, a move that is improving the speed, efficiency and transparency of payment processing.
Stuart Hammond, Group Finance Director at Osborne, said: “By placing WebContractor at the heart of our subcontractor management, we are taking very positive steps towards more effective, compliant and straightforward interactions with our subcontracting partners, allowing them to check the status and progress of their applications at any time, no matter where they are.
“Internally, it provides more timely payment information to help cash flow forecasting, allows us to reduce the administration time and cost associated with payments, and ensures industry best practice and compliance.”
WebContractor is a cloud-based service developed by Open ECX together with Osborne. It allows companies to effectively manage their subcontractor relationships at every step of a project, with key processes like self-billing agreements being automated.
Osborne’s subcontractors will be able to see the progress of their applications for payment, increasing transparency and helping to forge closer working relationships. VAT recovery claims are supported by prompt, authenticated VAT receipts, and everything is fully compliant with the UK Construction Act.
Matthew Jones, CEO of Open ECX, said: “Our WebContractor service is designed to tackle the problems construction businesses face with effective subcontractor management, using technology to ease the burden of UK Construction Act compliance and enhancing financial visibility. We are delighted to be working with Osborne to build stronger supply chain relationships.”