ERNST & YOUNG LLP
Company number: OC300001
1 January 2020
to 30 June 2020
This report was filed on 30 July 2020
and approved by Lynn Rattigan
Average time taken to pay invoices: 20 days
- within 30 days: 78%
- in 31 to 60 days: 17%
- in 61 days or more: 5%
Invoices due but not paid within agreed terms: 10 %
Standard payment period for qualifying contracts
Standard payment terms
Ernst & Young LLP is the main trading entity for EY in the UK. Unless otherwise agreed in writing, EY will pay for third party goods or services, within 45 days of receipt of a correct, undisputed and properly due VAT invoice by EYUK’s accounts payable team (email@example.com).
Ernst & Young LLP makes a significant volume of payments to other EY member firms. We have excluded intercompany payments from these results as we do not believe that these are reflective of our payments to third party suppliers. If intercompany payments are included, the time to pay would be 34 days, % not paid in terms would be 55%, % paid in 30 days would be 47%, % paid in 60 days would be 44% and % paid in 61+ days would be 9%.
To ensure timely processing, invoices should state: the contact details of the EY point of contact; the relevant purchase order number; the period to which the invoice relates; the Supplier’s bank account for payment; all charges and applicable taxes, and a description of the services/products.
Were there any changes to the standard payment terms in the reporting period?
Maximum contractual payment period agreed
Any other information about payment terms
Dispute resolution process
With respect to contracts with suppliers, the general position is that the appointed service managers (and, if applicable, senior service managers) for each party first attempt to resolve the dispute (the EY point of contact varies from contract to contract). Additionally suppliers can contact EY’s dedicated accounts payable team (firstname.lastname@example.org). Such contacts would generally seek to deal with any disputes promptly (involving other senior EY contacts, as needed), in accordance with the terms of the contract.
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.
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.
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?
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?