MYCSP LIMITED
Company number: 07640786
Reporting period:
1 January 2021 to 30 June 2021
Report filed on:
30 July 2021
Approved by:
Steven Engelbert
Payment statistics
Average time taken to pay invoices: 30 days
Invoices paid:
- within 30 days: 64%
- in 31 to 60 days: 29%
- in 61 days or more: 8%
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
60 days
Standard payment terms
MyCSP now follow the parent company supplier payment terms: standard of 60 days, with the following exceptions:
• Client specific requirements
• Individual contractors billing through their own or an umbrella company, all of whom are on 30 day terms
• Small suppliers (defined as either low value of annual spend or local businesses (for example caterers, taxi firms), typically on payment terms of 30 or fewer days
• Short payment term suppliers (couriers, postage providers)
Were there any changes to the standard payment terms in the reporting period?
MyCSP have previoulsy not used standard payment terms. In January 2021 MyCSP moved to follow the standard payment terms of the parent company (Equinit Group) as detailed above.
Were suppliers notified or consulted about these changes before they were made?
An email was sent to suppliers to inform them of a change to the accounts payable process from January 2021.
Maximum contractual payment period agreed
60 days
No further comment provided
Any other information about payment terms
We look to work with our suppliers to ensure our policies and processes are understood and followed to facilitate efficient invoice handling and payment. For example, we request that all invoices are sent in electronically and quote a Purchase Order number as this allows is to track each item and identify and issues using our systems.
We run two large payment runs and two smaller runs each month. We typically pay around 80% of any overdue invoices by the time of our next run, meaning the maximum delay is usually less than a week.
Anything else paid out of terms tends to be caused either by a supplier dispute that needs concluding or from time to time suppliers needing to provide further documentation to support an invoice
Dispute resolution process
Each query is reviewed as its raised and we aim to resolve as quickly as possible
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