KINGSTON SMITH LLP
Company number: OC317343
Reporting period:
1 May 2017 to 31 October 2017
Report filed on:
30 November 2017
Approved by:
M B Penfold
Payment statistics
Average time taken to pay invoices: 22 days
Invoices paid:
- within 30 days: 77%
- in 31 to 60 days: 21%
- in 61 days or more: 2%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 2%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
We do not dictate standard payment terms as in our business activities they are supplier driven. We endeavour to keep to supplier requirements subject to usual approval / sign off methods by budget holders.
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
60 days
We retain one major supplier who's standard payment terms are 60 days.
Any other information about payment terms
We have no payment terms, but would use 15-30 days as a standard bench mark. Payment terms are wholly supplier driven.
Dispute resolution process
Designated accounts payable email account for invoice submission, statements & / or correspondence. All statements checked and correspondence answered by an experienced purchase ledger office. Suppliers always made aware of any issue on an invoice and can be put in contact with budget holders / authorisers to resolve.
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