VIRTUSA CONSULTING & SERVICES LIMITED
Company number: 09108870
Reporting period:
1 October 2021 to 31 March 2022
Report filed on:
29 April 2022
Approved by:
Shanaka Jayawardena
Payment statistics
Average time taken to pay invoices: 26 days
Invoices paid:
- within 30 days: 78%
- in 31 to 60 days: 18%
- in 61 days or more: 4%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 22%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
Payment terms are 30 days from accepting the invoice from the supplier.
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
30 days
No further comment provided
Any other information about payment terms
Even though payment terms are stipulated as 30 days, effort is made to pay invoices well in advance of the standard payment terms
Dispute resolution process
Three tier resolution process: Level 1: Virtusa’s accounts payable team – vendors are encouraged to email their concerns to a dedicated email ID: AccountsPayable-UK@virtusa.com - For non-OSP (outsourced service providers) invoices. VirtusaContractorAPEur@virtusa.com – For OSP invoices Level 2: Payables Manager – Suppliers are provided with the current contact details at the time of engaging services with Virtusa. Level 3: Finance Manager – Suppliers are provided with the current contact details at the time of engaging services with Virtusa
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?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No