SHAKESPEARE MARTINEAU LLP
Company number: OC319029
Reporting period:
1 May 2017 to 31 October 2017
Report filed on:
29 November 2017
Approved by:
Andrew Whitehead
Payment statistics
Average time taken to pay invoices: 13 days
Invoices paid:
- within 30 days: 94%
- in 31 to 60 days: 5%
- in 61 days or more: 1%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 9%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
30 days
Standard payment terms
At present we do not have a standard payment terms policy. This is because each invoice received from a supplier is paid according to the terms set out by the supplier. All payments are frequently made within the payment terms of 7 to 30 days. In exceptional cases supplier invoices received can also be paid up to 1 day after the invoice has been received.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
30 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
In general any disputes regarding invoices are dealt with within 48 hours by our purchase ledger team. If an invoice is in query the supplier in given written and verbal communication regularly and where the dispute has been resolved, advised of the payment date for the invoice.
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 Fair 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.
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