THE NUANCE GROUP (UK) LIMITED
Company number: 01131604
Reporting period:
1 July 2018 to
31 December 2018
This report was filed on 18 December 2019
and approved by Mr C Bouttle
Payment statistics
Average time taken to pay invoices: 48 days
Invoices paid:
- within 30 days: 29%
- in 31 to 60 days: 51%
- in 61 days or more: 20%
Invoices due but not paid within agreed terms: 68%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
90 days
Standard payment terms
Goods not for resale – Invoices are paid weekly on 30 days payment terms, limited exceptions to the terms do exist primarily for landlords and utility companies. Goods for resale – Our payment terms are variable and are dependent on agreements with a given supplier. Payment terms average out at around 45 days, across this category of supplier. Validated and due invoices will be paid in the payment run that occurs closest to these agreement timeframes. Payment runs are processed weekly with a value date of the Friday.
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
90 days
No further comment provided
Any other information about payment terms
N/A
Dispute resolution process
Invoice queries are in the main the responsibility of the Accounts Payable team, other departments involved are Logistics who will advise the supplier of discrepancies at the point of delivery, this is likely to result in a credit or debit note being provided, the goods not for resale will be resolved by the Accounts Payable team in conjunction with the local stakeholders . In the first instance direct verbal or e-mail communication by the Accounts Payable team with the supplier’s finance function is the usual method of resolving disputes. If it is not possible to resolve by this method, the issue is escalated to the buyer, and they then take ownership of the dispute. The Company maintains an electronic purchase invoice query log; this is generated weekly and is distributed by e-mail to all relevant parties within our business, key metrics included are dispute type; price or quantity, also the days an invoice is overdue.
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, 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.
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