Company number: 02366661
and approved by Alastair Cochran
Average time taken to pay invoices: 59 days
Invoices paid:
Invoices due but not paid within agreed terms: 14%
1 days
91 days
Unless otherwise agreed, our standard payment terms are 60 end of month. This means payment is due at the last day of the second month following receipt of a correctly presented compliant invoice. e.g. valid invoice received on 1st July would be due for payment on 30th September (91 days) valid invoice received on 31st July would be due for payment on 30th September (61 days)
Answer not provided
N/A
91 days
Where we enter into a competitive tender process, payment terms forms part of the negotiation that would applied to the contract. Previously we have not had different terms based on the size of the company. In the previous reporting period we assessed our suppliers, any not involved in a competitive tender and classed as a Micro entity (<10 Employees & <£2m turnover) have had their payment terms updated to 30 days. This has now been expanded to include small entities (<50 Employees & <£10m turnover). Full purchase order terms and conditions can be found within our website - https://www.thameswater.co.uk/about-us/our-suppliers
We operate a weekly BACS and cheque run which includes invoices due up until the Sunday of that week. Of the 14% of invoices due but not paid within agreed terms referred to in the Payment Statistics section above, 63% are overdue by 1-5 days. This is attributed to our weekly payment timetable. The remaining invoices not paid within the agreed terms are for invoices that are being queried or are in dispute.
Invoices should be presented promptly to the address indicated on the purchase order and must contain a valid purchase order number. If invoices are non-compliant, they will be returned unprocessed, negatively impacting the payment date. Full details of what is considered a compliant invoice can be found within our website https://www.thameswater.co.uk/about-us/our-suppliers We will endeavour to resolve any disputes in a fair and timely manner. In the event of specific dispute, the supplier should contact the individual who is the main point of contact as identified on the purchase order. Payment will not be made until the dispute is resolved. Queries regarding the status of an invoice can be directed to the Accounts Payable Team via the following email address:invoiceresolution@thameswater.co.uk
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