GOV.UK
UNIVERSITY OF SUFFOLK LTD
Company number: 05078498
Reporting period:
1 February 2022
to 31 July 2022
Warning
This information is as reported by the business, and responses are in their own words.
This report was filed on 24 August 2022
and approved by Stuart Tinsley
Payment statistics
Average time taken to pay invoices: 27 days
Invoices paid:
- within 30 days: 82%
- in 31 to 60 days: 13%
- in 61 days or more: 5%
Invoices due but not paid within agreed terms: 18 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
60 days
Standard payment terms
The University operates a standard payment term of 30 days from the date of invoice. Payments are made to suppliers fortnightly.
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
Payment disputes are first dealt with the University's accounts payable team who attempt to deal with the dispute informally. If the issue is not resolved, the dispute is escalated to the Head of Financial Operations or the Director of Finance and Planning who deal with disputes on a case by case basis.
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.
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