Company number: 05856366
and approved by Robyn Sternberg
Average time taken to pay invoices: 50 days
Invoices paid:
Invoices due but not paid within agreed terms: 24%
7 days
60 days
60 days net
Standard payment terms were changed from 30 into 60 days.
All suppliers received letters informing about the change of payment terms.
90 days
No further comment provided
N/A
1. We utilise the services of a document management company to scan and index vendor invoices before being imported into our ERP. They also check quality and validate invoices against our open PO and vendor files to ensure vendors correctly email documents to avoid delays 2. We have a dispute resolution workflow tool within the ERP linking the whole business. It involves automate workflows for goods receipt, service approval, accounting information & tax queries. There are handling codes to denote reasons for query and KPI's to encourage timely responses to allow payments be made to terms.
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