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VIAPATH ANALYTICS LLP
Company number: OC392043
Reporting period:
1 July 2019
to 31 December 2019
This report was filed on 27 January 2020
and approved by Clive Mosey
Payment statistics
Average time taken to pay invoices: 42 days
Invoices paid:
- within 30 days: 85%
- in 31 to 60 days: 5%
- in 61 days or more: 10%
Invoices due but not paid within agreed terms: 34 %
Payment terms
Shortest standard payment period
7 days
Longest standard payment period
60 days
Standard payment terms
30 days from receipt of invoice
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Any other information about payment terms
Viapath Analytics makes payments to its suppliers via a third party which uses an off shore shared service centre (SSC). The SSC contract is not managed direct by Viapath. We continue to address issues with SSC performance where this has an adverse effect on our ability to pay on time.
From July 2019 to December 2019 we can see that there has been little change to the payment performance with time taken to pay invoices when due remaining static. The average time taken to pay invoices has decreased however invoices due but not paid within the agreed terms has increased. Therefore, we will look to address this movements to yield improvements for the next reporting period.
Dispute resolution process
Viapath Analytics dispute policy has the following steps:
1. Make contact with the supplier and ask for an updated statement and copy of all outstanding invoices. Where needed we have telephone conferences or face-to-face meetings to resolve complex issues.
2. Reconcile the statement and provide an update to Supplier on the status of each invoice so they know where the invoice is in the approval and payment process.
3. Resolve any queries or blocked invoices and ensure invoices are free for payment.
4. Make payment of invoices and send remittance to Supplier.
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