Magazine article Business Credit

News Briefs

Magazine article Business Credit

News Briefs

Article excerpt

Survey Polls Executives About Payment Automation Strategies

A supplier payment automation strategies survey of more than 100 finance executives and managers by Gatepoint Research found that 63% of respondents believe invoice processing is the most time-intensive of the activities they perform each month.

The Pulse Report survey found that supplier onboarding (43%), payment reconciliation (30%), tax forms collection (22%), payment status communications (20%), payment error resolution (13%), global payment remittance (12%) and ensuring OFAC regulatory compliance (4%) also consumed the respondents' monthly duties.

The survey found that nearly a third of respondents don't screen their payees in accordance with antiterrorism, anti-money laundering and anti-drug trafficking requirements, while 24% said they weren't sure if they did so. Forty-four percent said they screened payees.

Indian Government to Provide Tax Relief to Some Troubled Firms

As the number of corporate insolvency cases being filed under India's recently enacted Insolvency and Bankruptcy Code continues to rise, the government has taken steps to shield the tax blow to some firms by relaxing norms for levy of the Minimum Alternate Tax for the current 2017-2018 financial year. …

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