Company number: 03768979
and approved by Shaun Carney
Average time taken to pay invoices: 39 days
Invoices paid:
Invoices due but not paid within agreed terms: 12%
7 days
90 days
There are two types of standard payment terms, one for contracts related to merchandise and the other for non-merchandise expenses. The former has standard terms of EOM+30 Days at 2.5% Discount. Effectively this means that payments are made 60 days from the invoice date. It is up to the supplier to negotiate outside of these payment terms. Other terms commonly used for merchandise contracts are as follows: Inv+30 Days at 2.5% discount (payments made 30 days from the invoice date); Inv+90 Days at 1% discount (payments made 90 days from invoice date); Inv+7 days at 3.5% discount (payment made 7 days from invoice date). For non-merchandise expenses, the standard payment terms are 30 days from the date of the invoice. Generally, this varies only for electricity and telephone contracts which are often due immediately upon receipt and water bills which must be paid within 14 days.
Answer not provided
N/A
90 days
No further comment provided
While we have not had any changes to our payment terms during this reporting period, we have undergone a transition to a new set of financial systems. The set-up, testing, and early phases of this transition, has affected our payment practices as users have had to get to grips with a new system for invoice approvals and payments.
Before payment, invoices must be approved by a member of the department that placed the order. Generally there are designated people from each department who place orders; suppliers are provided with the contact details for these representatives. If the department has a query with the invoice they flag this with the supplier for clarification or amendments. If a supplier would like to discuss a payment dispute, they must contact the relevant department directly. Failing action from the relevant department, the accounts team are available via telephone and email to resolve any outstanding disputes.
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.
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
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
No
No