GOV.UK
IESA LIMITED
Company number: 04188491
Reporting period:
1 October 2018
to 31 March 2019
This report was filed on 30 April 2019
and approved by ANDREW PERRY
Payment statistics
Average time taken to pay invoices: 87 days
Invoices paid:
- within 30 days: 8%
- in 31 to 60 days: 11%
- in 61 days or more: 81%
Invoices due but not paid within agreed terms: 41 %
Payment terms
Shortest standard payment period
60 days
Longest standard payment period
90 days
Standard payment terms
Where the date that a purchase invoice is ‘cleared from query’ is used as the ‘start date’ to measure the ‘time to ‘payment’ :
the number of invoices paid according to the ‘agreed payment date’ increases from 59% to 68%, and average payment days falls from 87 to 81 days.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
Any other information about payment terms
Where the date that a purchase invoice is ‘cleared from query’ is used as the ‘start date’ to measure the ‘time to ‘payment’ :
the number of invoices paid according to the ‘agreed payment date’ increases from 59% to 68%, and average payment days falls from 87 to 81 days.
Dispute resolution process
IESA uses a vendor portal which is used prior to promotion of invoice to its ERP system, and within which an invoice query type is assigned and work flowed to a responsible individual who works with the vendor to resolve and progress invoice to payment: the accounts payable dept. being measured by internal KPIs to resolve invoice queries as soon as is possible.
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