Company number: 01505004
and approved by David Wilcox
Average time taken to pay invoices: 50 days
Invoices paid:
Invoices due but not paid within agreed terms: 12%
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.
Answer not provided
N/A
60 days
No further comment provided
N/A
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. During this specific reporting period a particular Supplier issued a high volume of incorrect invoices. These followed the Company dispute process but impacted the reported figures. These have now been settled. Any delays in payment are invariably due to queries between the Vendor and our Company and as such the Vendor will be fully aware of the reason for the delay.
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.
Yes
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