PRICEWATERHOUSECOOPERS SERVICES LIMITED

Company number: 00728502

Reporting period:
1 July 2019 to 31 December 2019

This information is as reported by the business, and responses are in their own words.

This report was filed on 29 January 2020

and approved by Warwick Hunt

Payment statistics

Average time taken to pay invoices: 25 days

Invoices paid:

within 30 days: 89%
in 31 to 60 days: 8%
in 61 days or more: 3%

Invoices due but not paid within agreed terms: 18%

Payment terms

Shortest standard payment periods

14 days

Longest standard payment period

45 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 25 days to pay third party suppliers. In addition, 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 61 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?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

45 days

The 45 days maximum contractual payment period stated above relates to third party suppliers only. Our maximum contractual payment period for PwC member firm suppliers is 60 days.

Any other information about payment terms

On average we took 25 days to pay third party suppliers and 61 days to pay PwC member firm suppliers, representing a weighted average of 40 days.

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, 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.

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?

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