SHAKESPEARE MARTINEAU LLP
Company number: OC319029
Reporting period:
1 November 2020 to 30 April 2021
Report filed on:
2 June 2021
Approved by:
Andrew Whitehead
Payment statistics
Average time taken to pay invoices: 13 days
Invoices paid:
- within 30 days: 95%
- in 31 to 60 days: 5%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 5%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
30 days
Standard payment terms
Our new standard payment terms are currently 30days. If the supplier has been with us prior to the new set up each invoice is paid according to the terms set by our supplier. All payments are frequently made within the payment terms of 7 to 30 days.
Were there any changes to the standard payment terms in the reporting period?
Our business has decided to set all suppliers on a 30 days payment term, as we transition into the use of our new financial software.
Were suppliers notified or consulted about these changes before they were made?
In order to make these changes new vendor forms were sent out to each supplier for completion and return to us with their signatures.
Maximum contractual payment period agreed
30 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Our firm aims to resolve all supplier disputes within 48 hours of receipt of the invoice. In cases where there is a dispute the supplier is contacted and the invoice is reviewed at that point. Usually a resolution is immediate. In cases where the resolution is not immediate the supplier will receive verbal and written communication from our accounts payable team. Once a dispute has been resolved our accounts payable team will advise the supplier of the next payment date.
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