ERNST & YOUNG LLP

Company number: OC300001

Reporting period:
1 July 2017 to 31 December 2017

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This report was filed on 29 January 2018

and approved by Lynn Rattigan

Payment statistics

Average time taken to pay invoices: 49 days

Invoices paid:

• within 30 days: 40%
• in 31 to 60 days: 43%
• in 61 days or more: 17%

Invoices due but not paid within agreed terms: 47%

Payment terms

Shortest standard payment periods

45 days

Longest standard payment period

Answer not provided

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, such invoice to be provided by the supplier within the time contractually agreed with EY. Invoices must generally 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. EY may set off amounts owing to it by the supplier, and if EY has a bona fide dispute relating to all or some of the supplier’s invoices, EY may withhold payment of the amount, subject to resolution of the dispute. Undisputed invoices that remain unpaid by EY at their due date incur interest at 2% above the base rate of Barclays Bank Plc (calculated from and including the day the sum became due for payment up to but excluding the date of payment).

Were there any changes to the standard payment terms in the reporting period?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

90 days

No further comment provided

Any other information about payment terms

N/A

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 (gds.ukap@xe02.ey.com). 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.

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