REYNOLDS PORTER CHAMBERLAIN LLP
Company number: OC317402
Reporting period:
1 November 2019 to 30 April 2020
Report filed on:
16 June 2020
Approved by:
James Miller
Payment statistics
Average time taken to pay invoices: 69 days
Invoices paid:
- within 30 days: 48%
- in 31 to 60 days: 20%
- in 61 days or more: 32%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 12%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
Third party disbursements are paid within two working days of receipt of funds from our client in payment of the bill. There is no maximum contractual period. Office supplies are paid in line with terms specified by suppliers, based on date of receipt of the invoice. Where no terms are specified on an invoice payments will be made within 30 days from receipt of the invoice.
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
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
A complaint or concern regarding payment of an invoice will be considered initially by the finance department with reference to the team responsible for purchasing the good or service. If an issue is not acceptably resolved it would then be escalated to the head of finance or CFO.
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