Tate Recruitment Payment to Suppliers
Tate Recruitment has been acquired by Twenty 20 Capital Limited and is undergoing significant changes to IT infrastructure. All departments within support services require considerable and ongoing IT support to remove users and systems out of the previous parent company’s tech environment. Accounts payable have had to revert to manual invoice processing whilst a new system is sourced and implemented, causing a temporary delay and payment outside of terms.
Primary cause of failure
Actions to address this cause.
Accounts payable have had to revert to manual invoice processing whilst a new system is sourced and implemented, causing a temporary delay and payments outside of term.
Potential new software(s) had been reviewed but had ultimately been deemed not fit for purpose. The position taken is that the correct system should be implemented to ensure we can consistently and accurately make payments within agreed terms in the long-term at the expense of short-term goals.
The IT department will support the implementation of a previously used accounts payable software V1 that the team are already familiar with and can implement quicker than new or bespoke software. The IT team have set a goal to have this ready to use by 28th Feb 2024.
A mechanism for and commitment to regular reporting on progress
Weekly progress reports are provided on the progress being made with the software implementation and reviewed against the expected timelines. This will be shared with the Audit committee within parent company Twenty 20 Capital Limited. They will also monitor progress and ensure the action plan is followed through. Any delays will be investigated promptly with more staffing resources to be allocated to the project.
Action plan approved by:
Tate Recruitment Managing Director.