Company number: 00509596
and approved by JAIME EVANS
Average time taken to pay invoices: 50 days
Invoices paid:
Invoices due but not paid within agreed terms: 22%
30 days
60 days
Creditors are paid twice monthly with payment runs paying invoices approved and due up to the payment date. This results in suppliers being paid for invoices both before and after the 30 days terms and this supports the net monthly payment terms, we have used 50 days as the standard payment period to average invoices dated in month 1 to be paid by end of month 2. This payment practice drives the % payment statistics. Hayes & Jarvis (Travel) Limited standard payment terms are 30 days from receipt of invoice (not date of invoice) on normal qualifying contracts unless specifically agreed or net monthly. We have several suppliers who offer differing payment terms and we do our best to accommodate these for UK and non UK suppliers. Creditors send invoices by email throughout the month. The business handles invoices through OCR and workflow technology with a high proportion of invoices being matched to purchase orders or being approved by managers using online approval workflow and authorisation matrices.
Answer not provided
N/A
60 days
Hayes & Jarvis (Travel) Limited standard payment terms are 30 days from receipt of invoice (not date of invoice) on normal qualifying contracts unless specifically agreed or net monthly. We have several suppliers who offer differing payment terms and we do our best to accommodate these for UK and non UK suppliers.
As a travel company many of our suppliers are not UK organisations and are paid in multiple currencies and with the Covid-19 restrictions we were impacted on the travel restrictions on UK residents. Our suppliers are paid by BACS and European suppliers are primarily paid by SEPA, with the remaining suppliers paid by bank transfer.
The Company is committed to dealing with its suppliers in a fair, honest and professional manner and as close to contractual terms as we possibly can. We do our utmost to resolve queries quickly and to everyone’s satisfaction. It is important to us that there is no negative impact on our customers experience and our supplier relationships are essential in delivering the first class services our customers expect. A close working relationship and good payment performance is paramount in our business. Suppliers generally email their invoices to dedicated email addresses where they are scanned by our OCR system for processing and matching to purchase orders. The Accounts Payable Executives and Team Leader work closely with our suppliers and departments to understand why an invoice is not approved or not yet paid. Every effort is made to ensure the invoice is included in the next payment run. If a cost of sale invoice exceeds the expected cost based on contract rates, a deduction advice is raised and sent to the supplier by email before the invoice is paid. If the supplier disagrees with the calculation this will generally be investigated and resolved before the invoice is paid.
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