GOV.UK
XOSERVE LIMITED
Company number: 05046877
Reporting period:
1 April 2018
to 30 September 2018
This report was filed on 29 October 2018
and approved by Nick Durlacher
Payment statistics
Average time taken to pay invoices: 48 days
Invoices paid:
- within 30 days: 55%
- in 31 to 60 days: 33%
- in 61 days or more: 12%
Invoices due but not paid within agreed terms: 38 %
Payment terms
Standard payment period for qualifying contracts
42 days
Standard payment terms
Standard payment terms are 42 days from receipt of a valid invoice. The Company agrees appropriate terms of payment with suppliers for each Contract and we will pay invoices based on the date of submission in accordance with the relevant contract. The Company normally settles on 42 days however we do offer shorter payment periods with many of our contracts being on shorter payment periods than our standard terms, with especial regard to smaller companies requiring improved cash flow.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
45 days
Any other information about payment terms
N/A
Dispute resolution process
Xoserve has a dedicated team responsible for managing supplier invoice queries and disputes within its Procurement department. We provide guidance notes to all suppliers on our purchase order on how to submit invoices to our outsourced provider. The aim is to avoid delays in invoices being paid in accordance with their agreed terms. Our dedicated P2P team handles all queries with complaints escalated to the Head of Procurement when necessary to ensure prompt action is undertaken. Xoserve is currently transitioning to a new Finance System and has taken the decision to insource arrangements. All invoicing, disputes and complaint procedures are therefore being updated.
Initial contact point for all queries is box.xoserve.P2Pqueries@xoserve.com.
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