Company number: 01505004
and approved by Steven Brown
Average time taken to pay invoices: 112 days
Invoices paid:
Invoices due but not paid within agreed terms: 41%
30 days
60 days
Standard Payment Terms are 45 days + BACS. BACS runs are performed twice a month, ie invoices that are on 45 days are paid on the 5th or the 20th following the 45 days based on the invoice date (unless agreed as the date of receipt of invoice).
Answer not provided
N/A
60 days
No further comment provided
We continue to be adversely impacted following a merger with a Company whose payment terms and payment structures were not aligned to our own. Efforts are ongoing to create greater alignment and drive consistency across the business. Data quality issues following the merger have added an additional challenge with discrepancies and higher volumes. We are prioritising to investigate these legacy issues with the view to reduce in the coming months.
All discrepancies are highlighted back to the Vendor upon receipt of the invoice. Both parties are expected to communicate to bring the query to a satisfactory conclusion. Disputed invoices are reviewed with the Internal Buyers. Invoices in query are held back from the Payment Runs. If the dispute is not resolved within the Contractual Payment Terms this will be reflected in the data provided in this report. The aim is to resolve queries within the Payment Period.
For example, signatories to The Prompt 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.
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
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
No
No