TRAVEL COUNSELLORS LIMITED
Company number: 02133414
Reporting period:
1 November 2018 to 30 April 2019
Report filed on:
16 October 2019
Approved by:
Simon Shaw
Payment statistics
Average time taken to pay invoices: 13 days
Invoices paid:
- within 30 days: 97%
- in 31 to 60 days: 1%
- in 61 days or more: 2%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 8%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
90 days
Standard payment terms
The majority of suppliers work on a statement basis and require payment 15 days after we receive a statement from them (statements are usually received on the 1st of each month, so the rule is end of the month plus 15). Some suppliers require payment 30 days after receipt of a statement. Airline tickets (BSP/IATA) are paid on a payment run every week. Some suppliers require immediate payment at the point of booking; others require payment after travel/departure.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
90 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Disputes are sent via email to suppliers and the accounts payable team work with them for a resolution. All disputed invoices aim to be resolved in the month.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
Yes
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No