WEIGHTMANS LLP
Company number: OC326117
Reporting period:
1 May 2021 to 31 October 2021
Report filed on:
29 November 2021
Approved by:
Bob Granger
Payment statistics
Average time taken to pay invoices: 24 days
Invoices paid:
- within 30 days: 80%
- in 31 to 60 days: 16%
- in 61 days or more: 4%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 28%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
Answer not provided
Standard payment terms
For all normal supplier invoices we aim to pay within the supplier terms. In some cases when suppliers have stated 7 or 14 day payment terms on their invoices it can prove difficult to get invoices approved, posted and paid within such short terms. Counsel and Expert invoices carry different terms. Accepted industry practice is that legal disbursements are paid to the supplier following receipt from the ultimate client. Suppliers paid this way are made aware of this when entering contracts with us.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
30 days
No further comment provided
Any other information about payment terms
Most invoices not paid to terms are those on 14 days or fewer terms. For the majority of invoices not paid to terms, payment is only 1 or 2 days outside terms.
Dispute resolution process
We review every dispute on its merits and involve finance team members and our case handlers as required – escalating if necessary.
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.
Yes
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