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WSP MANAGEMENT SERVICES LIMITED

Company number: 02454665

Reporting period:
1 July 2018 to 31 December 2018

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This information is as reported by the business, and responses are in their own words.

This report was filed on 30 January 2019

and approved by Miles Barnard

Payment statistics

Average time taken to pay invoices: 31 days

Invoices paid:

• within 30 days: 63%
• in 31 to 60 days: 25%
• in 61 days or more: 12%

Invoices due but not paid within agreed terms: 92 %

Payment terms

Standard payment period for qualifying contracts

60 days

Standard payment terms

Standard payment terms are 60 days from date of invoice

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

60 days

One standard contract only in place

Any other information about payment terms

N/A

Dispute resolution process

Project Managers or Cost Centre Managers are responsible for raising a query regarding payment of an invoice, upon receipt of the request to complete a goods receipt. The Manager is also responsible for owning the query until such time agreement has been reached to make payment, or a credit note has been obtained. The Manager instructs Accounts Payable to amend payment status of the invoice to prevent payment.

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 Prompt Payment Code must commit to paying 95% of their invoices within 60 days.

No

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.

Yes

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