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Devon Energy Partnership

Business Services

With uncertain economic times ahead many small business owners are under increased pressure to control costs. DEP has recently been asked to look at sourcing business critical services outside pure energy procurement.

DEP has recently partnered with a number specialist providers. Whether you need Insurance, telecoms or supply chain finance DEP can will endeavour to try to establish if your business is getting value for money.

With extensive contacts within the industry we have been able to negotiate competitive rates for all types of business.

Supply Chain Finance – Cash is King

It’s an unfortunate fact of business that organisations of all sizes need to deal with cash-flow issues from time to time. It’s a problem that can affect everyone, even highly successful, profitable businesses.

This problem is often caused by events beyond the company’s control where customers have contractually agreed long settlement terms and are not due to pay invoices for as long as 120 days. Some companies are part of a larger supply and distributor chain which means that they might need to pay for goods supplied before they are paid for the goods that they distribute. This can put additional pressure on cash-flow as the business needs to deal with running and staff costs in the interim. In some instances it’s simply a case that customers don’t pay their invoices on time. All of these scenarios can leave businesses exposed and at risk of failure.

In order to combat this issue there has been a number of government backed initiatives. For example, the Prompt Payment Code introduced in 2008. Administered by the Institute of Credit Management, the code provides guidance and encourages good practice amongst businesses regarding the commitment to paying invoices on time. However this code is only voluntary and it’s become increasingly clear that only a small number of businesses have signed up to it.

Knowing how difficult and onerous traditional factoring services are DEP decided to partnered with URICA a new and innovative Finance specialist. Backed by the UK Government URICA injects cash into supply chains to empower businesses of all sizes to pay and get paid on the terms of trade they want with zero risk and zero debt. It was designed from the ground up, reimagining how business payments should work to address once and for all the problem of late payment within SME supply chains.

URICA’s online platform and strategic partners mean that for the first time the benefits of supply chain funding can be available to every business in a supply chain, even the smallest. By utilising this service a business can reduce the effects of slow or delayed invoice payments, reducing the likelihood of bad debt and providing a sound basis in which to grow.

For more information you can visit http://info.urica.com/devon-energy-partnership or call Wayne Morris on 0207 1937616

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