Company number: 00446617
and approved by JAIME EVANS
Average time taken to pay invoices: 50 days
Invoices paid:
Invoices due but not paid within agreed terms: 53%
30 days
60 days
30 days with some suppliers on net monthly terms (invoices month 1 are paid by end of month 2). 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.
Answer not provided
N/A
60 days
Specialist Holidays Ltd 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.
In October 2019 we migrated to a new ERP and in the first few months had issues raising automated payment runs. We processed 15k invoices in the period 1st Oct 19 to 31 Mar 2020 (£11m equivalent). As a travel company the majority of our suppliers are not UK organisations and are paid in multiple currencies. All suppliers are paid electronically by SEPA (suppliers in Europe) or by bank transfer. As a business we provide pre-payments & deposits to several suppliers.
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 email their invoices 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