WILLIS GROUP SERVICES LIMITED
Company number: 01451456
1 January 2018
to 30 June 2018
This report was filed on 30 July 2018
and approved by John C Lewis
Average time taken to pay invoices: 54 days
- within 30 days: 26%
- in 31 to 60 days: 49%
- in 61 days or more: 25%
Invoices due but not paid within agreed terms: 42 %
Standard payment period for qualifying contracts
Standard payment terms
The Company’s standard contractual payment terms for all qualifying contracts are no later than 45 days after the receipt of an invoice. Other payment terms may apply. Agreed payment terms are reflected in our contractual documentation and accounting system.
Were there any changes to the standard payment terms in the reporting period?
Maximum contractual payment period agreed
Any other information about payment terms
Although the payment period under the Company’s standard payment terms runs from the date of receipt of the relevant invoice, for the purpose of calculating the metrics for this report, we have taken the date stated on the invoice itself as the commencement date for the payment period, and the statistics are reported against this measure. Consequently, it is likely that the statistics will show a greater level of late payments than is actually the case if strictly applying the standard payment terms.
Of the 42% invoices due but not paid within agreed terms, 9% were made to other companies within the Willis Towers Watson Group and 91% were made to companies external to the Willis Towers Watson Group.
The overdue statistics include invoices that were settled within a few working days of the system due date.
Dispute resolution process
Payment processing is managed by the Accounts Payable function and any supplier queries are actioned by that team. In the event they are unable to resolve the matter, the query will be discussed between the supplier and relevant colleague to ensure satisfactory resolution for both the supplier and the Company.
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.
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.
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.
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?
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?