MOORE KINGSTON SMITH LLP
Company number: OC317343
Reporting period:
1 November 2020 to 30 April 2021
Report filed on:
27 May 2021
Approved by:
M B Penfold
Payment statistics
Average time taken to pay invoices: 26 days
Invoices paid:
- within 30 days: 70%
- in 31 to 60 days: 26%
- in 61 days or more: 4%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 30%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
45 days
Standard payment terms
We do not dictate standard payment terms over suchwide scope of suppliers however historically 30 daysis an expected standard which we will endeavour toagree and keep to subject to usual approval by budgetholders. Invoices received payable 'on presentation' treated as 7 days.
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
45 days
Some other larger contracts terms may fall ad hoc to be expected to be between 30 - 60 days maximum. Larger long term suppliers expect settlement often in the region of 45 days preferably. The percentage marked as outside terms is a strict statistic using 30 days and not a reflection of most mutually comfortable accounting arrangements with major suppliers.
Any other information about payment terms
No further comment provided
Dispute resolution process
Designated accounts payable email account for invoice submissions, statements and / or correspondence. Statements are checked and correspondence answered by an experienced purchase ledger department. Suppliers are made aware of issues on invoices and can be directed to budget holders if invoices have yet to be authorised or to resolve disputes.
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