GOV.UK
XBRIDGE LIMITED
Company number: 03967717
Reporting period:
1 July 2023
to 31 December 2023
This report was filed on 24 January 2024
and approved by David Summers
Payment statistics
Average time taken to pay invoices: 13 days
Invoices paid:
- within 30 days: 97%
- in 31 to 60 days: 1%
- in 61 days or more: 0%
Invoices due but not paid within agreed terms: 21 %
Payment terms
Shortest standard payment period
7 days
Longest standard payment period
60 days
Standard payment terms
30 days
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
97% of our invoices are paid within 30 days of receipt into the accounts mailbox (accounts.assistant@simplybusiness.co.uk). 1% of invoices were paid over 30 days from receipt which is in line with our expectations as we have suppliers on payment terms greater than 30 days and some tolerance should be given for invoices where charges are being disputed or investigated. This is prudent and ensures that Xbridge Limited receives value for money from its suppliers.
Any other information about payment terms
21% of invoices were paid after their due date. To help ensure that invoices are paid before their due date, all invoices should be sent directly to the accounts mailbox (accounts.assistant@simplybusiness.co.uk) quoting the relevant PO Number. We have recently reiterated this via a reminder email to the business, with the hope of improvement in the next reporting period. We also have a new system coming into effect in 2024, with the hope that training the business on a new system will help to reiterate the importance of an effective PO process.
Dispute resolution process
Any disputes or discrepancies should be raised with the supplier by the employee(s) within Xbridge Limited who raised the expenditure, keeping the Accounts Payable team informed of the status of negotiations. Any escalations can be referred directly to the finance team via accounts.assistant@simplybusiness.co.uk.
Invoice disputes are rare but unavoidable in some cases to ensure that the quality of goods and services received are up to the standard that Xbridge Limited aims for and also in cases where appropriate cost control measures need to be met. In these cases, Xbridge Limited would aim to keep an open line of communication with the supplier to ensure any issues are resolved and expectations over when payment will be made are managed. Furthermore, in some cases where an invoice is reissued due to a dispute, the Accounts Payable team will honour the original invoice payment date or agree to pay on the next available payment run rather than 30 days from the reissued invoice date which ensures we maintain good relations with our 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