LISS, England —Project Cargo Network (PCN) www.projectcargonetwork.com today launched a new online Invoice Monitoring System designed to encourage healthy cash flow between their Members and to prevent late payments.
PCN Chairwoman, Rachel Humphrey said “As PCN is one of the fastest growing networks of project cargo and heavy lift specialists; we feel it is important to encourage healthy cash flow within our network and to help avoid late payments. We have consulted both specialist lawyers and insurance companies into the best options in which to financially protect PCN Members, including bond systems and group liability insurance programs. The outcome is that they can in fact be highly illegal, have complicated tax implications but more importantly, be open to fraud. Therefore, we are introducing an online Invoice Monitoring System. The system will send out a ‘Statement of Accounts’ to Members every 2 weeks with the details of any outstanding invoices due to fellow PCN offices so that prompt payments are made.
For confidential reasons, Members will not be able to view each other’s accounts. However, the information will be available to the PCN Head Office who will use the system as a framework to manage and continually optimise credit risk within our network.
Rachel originally designed the system in 2009 for 2 other freight networks and both systems have proven to be successful with their Members paying closer attention to their financials within each group. Having made further improvements to the system, she is proud to introduce this new tool to PCN Members.
Rachel adds “Unhealthy cash flow is the main reason that businesses fail. At PCN, we are actively trying to protect and prevent that from happening to our Members. We are proud to say that we have a 100% payment record within PCN and have not had to use disciplinary procedures with any Members. Our Members understand that paying on time and operating in a professional manner results in repeat business and excellent relations with their overseas offices. Therefore, we are introducing this system for precautionary reasons only.”