Company number: 00538043
and approved by Ian Melbourne
Average time taken to pay invoices: 57 days
Invoices paid:
Invoices due but not paid within agreed terms: 59%
30 days
60 days
Standard payment terms are 60 days net monthly or 30 days net monthly
Answer not provided
N/A
60 days
N/a
The majority of suppliers are paid once a month within eight working days following the month-end. The company uses this additional time to ensure that invoice queries are resolved and settlement of the full account is made. For the purposes of the above statistics these have been treated as being paid outside of the agreed terms. Adjusting for this timing difference, 96% of invoices are paid within the agreed terms. Those not paid within terms are typically due to unresolved queries by the supplier, late or early delivery of product.
Suppliers are notified directly of any invoicing queries preventing payment when identified. Once the query has been cleared the invoice is included on the next available payment run. Queries and disputes are initially dealt with by the Accounts Payable team. The supplier can escalate any disputes through their assigned Purchasing Department contact.
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