Company number: 00509596
and approved by Mr S McCloskey
Average time taken to pay invoices: 45 days
Invoices paid:
Invoices due but not paid within agreed terms: 35%
30 days
60 days
Creditors are paid monthly. The payment runs are produced in the middle of the month paying invoices approved and due up to the end of the month. This results in suppliers being paid for invoices both before and after the 30 days on receipt terms and supports net monthly payment terms. We have used 45 days as the standard payment period to average invoices dated in month 1 to be paid by end of month 2. This payment practice drives the % payment statistics. Hayes & Jarvis (Travel) Limited standard payment terms are 30 days from receipt of invoice on normal qualifying contracts unless specifically agreed or net monthly. We have several suppliers who offer differing payment terms and we do our best to accommodate these for UK and non UK suppliers. Creditors send invoices throughout the month, with most being received by email. The business handles invoices through OCR and workflow technology with a high proportion of invoices being automated to purchase orders or being approved by managers using online approval workflow and authorisation matrices.
Answer not provided
N/A
60 days
No further comment provided
The information provided covers 938 suppliers used in the reporting period, of which 586 were non UK based suppliers. We processed 19k invoices in the period October 2017 to March 2018. As a travel company many of our suppliers are not UK organisations and are paid in multiple currencies. UK based suppliers are mostly paid by BACS with a few paid by bank transfer. Suppliers in Europe are paid by SEPA and suppliers outside Europe are paid by bank transfer. We operate a 3 way purchase order matching and approval process.
The Company is committed to dealing with its suppliers in a fair, honest and professional manner and as close to contractual terms as we possibly can. We do our utmost to resolve queries quickly and to everyone’s satisfaction. It is important to us that there is no negative impact on our customers experience and our supplier relationships are essential in delivering the first class services our customers expect. A close working relationship and good payment performance is paramount in our business. Suppliers generally email their invoices to dedicated email addresses where they are scanned by our OCR system for processing and matching to the purchase orders. All our suppliers have a personal point of contact with the Accounts Payable Department and either email or telephone the team member to discuss payment concerns. The Accounts Payable Executives and Team Leaders will work closely with the supplier and our departments to understand why an invoice is not approved or not yet paid. Every effort is made to ensure the invoice is included in the next payment run or if necessary a payment is requested. If a cost of sale invoice is received and it exceeds the expected cost based on our contract rates and the calculated holiday component cost, a deduction advice will be raised and sent to the supplier by email before the invoice is paid. If the supplier disagrees with the calculation this will generally be investigated and resolved before the invoice is paid, if we have calculated the rate incorrectly the deduction advice will be reversed, if the supplier is incorrect they will issue a credit note against their invoice to offset the deduction advice.
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