KORN/FERRY INTERNATIONAL LIMITED
Company number: 00255807
Reporting period:
1 May 2019 to 31 October 2019
Report filed on:
21 January 2020
Approved by:
Anthony Goodes
Payment statistics
Average time taken to pay invoices: 22 days
Invoices paid:
- within 30 days: 80%
- in 31 to 60 days: 17%
- in 61 days or more: 3%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 4%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
45 days
Standard payment terms
Standard payment terms are 30 days and 45 for contractors
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
45 days
N/A
Any other information about payment terms
N/A
Dispute resolution process
If an invoice received is disputed due to cost or service provided, then the contact for the vendor will raise this with the vendor to try and resolve the issue. If this is not successful, then the dispute will be escalated to a more senior member of the organisation to contact the vendor. If this is still not successful it will be escalated to the legal team for review and guidance. If required, the legal team will open a formal legal dispute with the vendor. Any dispute due to incorrect details on the invoice, VAT, address etc, will be resolved by the AP team who will contact the vendor to request the invoice to be amended and re-sent. If this is not successful, then the process referenced above will be followed.
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 Fair 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.
No
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