Company number: 00446617
and approved by Mr S McCloskey
Average time taken to pay invoices: 50 days
Invoices paid:
Invoices due but not paid within agreed terms: 10%
30 days
60 days
Number of invoices due but not paid within agreed terms is 10%. This is mainly due to the high volume of deposits & prepayments on supplier accounts in the summer months where the value of prepayments can exceed the invoice values processed until the end of the summer as accounts are reconciled and payments matched. 83% of invoice values were paid within 45 days of invoice date (net monthly payments) and 100% were paid within 45 days of receipt of invoice. Specialist Holidays (Travel) Limited standard payment terms are 30 days from receipt of invoice on normal qualifying contracts unless specifically agreed or net monthly from the date of invoice. We have several suppliers who offer differing payment terms and we do our best to accommodate these. Creditors send invoices throughout the month, with 99% being received by email. The business handles invoices through OCR and workflow technology with a high proportion of invoices being automatically matched to purchase orders. The creditors are paid monthly. The payment runs are produced in the middle of the month paying invoices approved and due up to the end of the month. This results in suppliers being paid for invoices both before and after 30 days. For the purpose of this report we have used 45 days as the average number of days for net monthly payments. (Invoices in month 1 paid by end of month 2).
Answer not provided
N/A
60 days
No further comment provided
The information provided covers 682 suppliers used in the reporting period and 51k invoices were processed from April to September 2018. As a travel company most of our suppliers are not UK organisations and are paid in multiple currencies. All our suppliers are paid electronically by SEPA (suppliers in Europe) or by bank transfer. As a business we provide pre-payments & deposits to several suppliers. This can negatively distort the % paid as balancing payments may not be made until the end of the season when the account is fully reconciled. Several suppliers also do not provide invoices on customer checkout and provide monthly or season end statements, this results in invoices being allocated or matched to payments at the end of season in September and October. We operate a 3 way purchase order matching and approval process.
The Company is committed to dealing with its suppliers in a fair, honest and professional manner and as close to contractual terms as we possibly can. We do our utmost to resolve queries quickly and to everyone’s satisfaction. It is important to us that there is no negative impact on our customers experience and our supplier relationships are essential in delivering the first class services our customers expect. A close working relationship and good payment performance is paramount in our business. Suppliers generally email their invoices to dedicated email addresses where they are scanned by our OCR system for processing and matching to the purchase orders. All our suppliers have a personal point of contact with the Accounts Payable Department and either email or telephone the team member to discuss payment concerns. The Accounts Payable Executives and Team Leaders will work closely with the supplier and our departments to understand why an invoice is not approved or not yet paid. Every effort is made to ensure the invoice is included in the next payment run or if necessary a payment is requested. If a cost of sale invoice is received and exceeds the expected cost based on contract rates for the holiday component cost, a deduction advice is raised and sent by email before the invoice is paid. If the supplier disagrees with the calculation this will be investigated and resolved before the invoice is paid. If we have calculated the rate incorrectly the deduction advice will be reversed and if the supplier is incorrect they will issue a credit note against their invoice to offset the deduction advice.
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
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
No
No