Mark Reddy
Even now, we are hearing from our customers that very few are on top of all the requirements and compliance measures demanded by the new rules. And that is to be expected – after all, the Procurement Act 2023 is arguably the biggest piece of legislation post-Brexit, and there is certainly a lot to take in.
As a finance or spend leader, the first thing to do is arm yourself with the right information and training – don’t miss the government’s official learning modules, and pay a visit to OneAdvanced’s Procurement Act 2023 Hub, where you’ll find a wealth of useful resources including webinars with Procurement Act architect Lisa Stubbs from the Cabinet Office, Mohamed Hans from CIPFA and other leading experts.
The second step is to rethink how your teams are structured. The demands of the new act will mean a significant amount of coordination between finance and procurement teams, with procurement leads given a voice at the top table. Rather than being seen as a ‘blocker’, procurement should be brought into the fold with finance as a combined function.
The final and most critical step is to implement the right software. Digital tools must be able to make life easier for finance and spend professionals, streamlining operations, and automating tasks. With Contract Management from OneAdvanced, the demands of the Procurement Act are met head-on, with the required contract notices built in.
Whether you need to complete a contract details notice, an extension notice, or a termination notice, the solution is designed for compliance and ease of use. The publishing of contracts is also straightforward – with the click of a button, your information is uploaded to the government’s Find a Tender site.
Another clear benefit of the solution is having all the information you need on the entire contract lifecycle in one place. From tender to award and ongoing monitoring, the platform ensures you have visibility of the whole process while meeting regulatory requirements. With all of your reporting capabilities and data at your fingertips, there is no need for separate spreadsheets or systems.
Contract Management also makes it easy to see important markers such as the time left until renewal or award. Automated alerts, contract milestone notifications, and reminders are all there to ensure you stay on track and never miss anything important.
A powerful feature of Contract Management is its integration capabilities. When connected to Financials from OneAdvanced – or any other commonly used finance management system – you can view actual expenditure against a contract, giving you an accurate view of ongoing spend while informing future decision making.
Finally, it is reassuring to know that any future notices will be uploaded to the system, so that when notices like contract and payment performance are required later in the year, you will have them as soon as they become available.
Discover more about Contract Management (part of our Source to Contract suite), and our wider portfolio of solutions tailor-made for government professionals.
