GOV.UK
ECONOMIST NEWSPAPER LIMITED(THE)
Company number: 00236383
Reporting period:
1 October 2021
to 31 March 2022
This report was filed on 29 April 2022
and approved by Lara Boro
Payment statistics
Average time taken to pay invoices: 18 days
Invoices paid:
- within 30 days: 84%
- in 31 to 60 days: 15%
- in 61 days or more: 1%
Invoices due but not paid within agreed terms: 38 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
60 days
Standard payment terms
The Economist’s default payment terms are 30 days from date of invoice. However payment terms
depend on agreements with respective suppliers.
The most common supplier terms during the reporting period are: 30 days: 92%; 15 days 8%
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
n/a
Any other information about payment terms
n/a
Dispute resolution process
The Accounts Payable team registers all invoices within the financial system on a daily basis. Invoices
are then sent to staff in the business for approval, via workflow. If any invoices are disputed, the
staff members responsible will workflow the invoice back to Account Payable, providing details of
the dispute. Disputed invoices are placed on hold.
Payment disputes are dealt with by the staff member responsible for the supplier relationship. The
accounts payable team are able to identify invoices in dispute and regularly follow up with staff
members to check status of approval. Once the dispute is resolved, the invoice is approved and paid.
A payment dispute may also be raised by contacting the accounts payable team.
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.No
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