Company number: 05856366
and approved by Andy Blandford
Average time taken to pay invoices: 44 days
Invoices paid:
Invoices due but not paid within agreed terms: 20%
7 days
60 days
Standard terms for resale is now 60 days. Indirect suppliers remain 30 days or 30 days end of month.
Standard payment terms changed from 30 days end of month to 60 days from invoice date for resale suppliers.
The Procurement Department managed the communication to Suppliers. Suppliers were formally written to and this was followed up by an email and phone call to discuss and obtain their acceptance.
60 days
No further comment provided
N/A
1. We utilise the services of a document management company to scan and index vendor invoices before being imported into our ERP. They also check quality and validate invoices against our open PO and vendor files to ensure vendors correctly email documents to avoid delays 2. We have a dispute resolution workflow tool within the ERP linking the whole business. It involves automate workflows for goods receipt, service approval, accounting information & tax queries. There are handling codes to denote reasons for query and KPI's to encourage timely responses to allow payments be made to terms.
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