GOV.UK
PRICEWATERHOUSECOOPERS SERVICES LIMITED
Company number: 00728502
Reporting period:
1 January 2019
to 30 June 2019
This report was filed on 31 July 2019
and approved by Warwick Hunt
Payment statistics
Average time taken to pay invoices: 45 days
Invoices paid:
- within 30 days: 46%
- in 31 to 60 days: 38%
- in 61 days or more: 16%
Invoices due but not paid within agreed terms: 27 %
Payment terms
Shortest standard payment period
14 days
Longest standard payment period
60 days
Standard payment terms
Under PwC’s standard contractual terms we commit to the payment of all undisputed sums properly due to third party suppliers within 30 days of receipt of a valid invoice in PwC’s central processing centre, payables.invoices@uk.pwc.com. A small number of suppliers have standard terms that are 45 days. On average we took 31 days to pay third party suppliers.
For inter-territory trade with other PwC member firms*, the payment of all undisputed sums is made in accordance with the PwC global network standard settlement policy of 60 days. On average we took 63 days to pay other PwC member firms. (*Member firms of the PwC global network)
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
The 60 days maximum contractual payment period stated above relates to PwC member firm suppliers only. Our maximum period for third party suppliers is 45 days.
Any other information about payment terms
On average we took 31 days to pay third party suppliers and 63 days to pay PwC member firm suppliers.
Dispute resolution process
Standard contracts:
For PwC standard contracts we seek to resolve any issues in the first instance between the authorised representatives of the firm and the supplier. Both parties should, where possible, meet within five days of the dispute arising and should continue to perform their relevant obligations, whilst working together to resolve the dispute. If the matter cannot be resolved, the issue may require escalation to senior members of both the supplier and PwC. Should it be required, the firm will seek the assistance of the mediation services of the Centre for Effective Dispute Resolution (CEDR) - for more information: https://www.cedr.com/solve/commercial-dispute-resolution/.
Implied contracts:
The above process will also apply where there is no formal contract in place. The authorised representative will be the supplier’s main contact with PwC for these purchases (typically the person who ordered the goods or services and who has been named on the invoice).
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