PULSE HEALTHCARE LIMITED
Company number: 03156103
Reporting period:
1 January 2022 to 30 June 2022
Report filed on:
29 July 2022
Approved by:
Thomas Richards
Payment statistics
Average time taken to pay invoices: 47 days
Invoices paid:
- within 30 days: 50%
- in 31 to 60 days: 38%
- in 61 days or more: 12%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 63%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
30 days from date of invoice
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
60 days
No further comment provided
Any other information about payment terms
The organisation have implemented Robotic Process Automation (“RPA”) to remove the amount of human interaction required when processing invoices. This will help increase capacity in the team, and should we see further surges in demand the Accounts Payable process and team will be more resilient. We have also hired additional human capacity within the team, and will continue to monitor this going forwards. We have been working with key suppliers to request that they provide consolidated invoicing, this will help reduce the number of transactions into the organisation. It will also help ensure invoices from suppliers are directed to the Accounts Payable Team helping speed up the processing time. Finally, we work with a number of community businesses, whereby they have a part-time finance function. This results in invoices being sent after the date on invoice, which is potentially skewing our prompt payment reporting. The Accounts Payable Team are looking to capture the date of receipt for invoices so we can better understand the impact of this, and where appropriate work with the supplier to change their invoice behaviours.
Dispute resolution process
All suppliers are to contact our designated email account accounts.payable@acaciumgroup.com to document any queries or disputes. All queries will be addressed by the Finance team and if required, the approving Manager of the expenditure. Queries will be addressed within 48 hours along with a response given to the supplier and what the next steps are.
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