GOV.UK
ASSET EDUCATION
Company number: 09434926
Reporting period:
1 March 2023
to 31 August 2023
This report was filed on 26 September 2023
and approved by Barry Gostling
Payment statistics
Average time taken to pay invoices: 19 days
Invoices paid:
- within 30 days: 90%
- in 31 to 60 days: 9%
- in 61 days or more: 1%
Invoices due but not paid within agreed terms: 27 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
30 days
Standard payment terms
ASSET Education aims to pay all suppliers in accordance with their payment terms and conditions unless there are queries on the invoice.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
30 days
Any other information about payment terms
It is a little disappointing to see a small drop in the number of invoices processed within 30 days and and increase in the number of invoices not being paid within agreed terms. Of the invoices not being paid within agreed terms, there have been a sizable number of disputed invoices which has increased this number. As with previous months, there have also been some delays in receiving invoices to our offices - 31% of those that were not paid on time were not received until after their due date. 40% of those that missed due dates were paid less than 7 days after receipt which is standard based on our weekly BACS cycle.
Dispute resolution process
Escalate to central finance team who would take up query with management of supplier.
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