Company number: 08087551
and approved by David Nigel Evans
Average time taken to pay invoices: 48 days
Invoices paid:
Invoices due but not paid within agreed terms: 0%
30 days
90 days
Cornerstone’s standard payment terms are 45 days measured from the date of receipt of a valid invoice, except suppliers who qualify as small or medium sized entities (defined as companies with turnover of less than £5m per annum) where 30-day payment terms are available upon request when the supplier contracts with the company. Cornerstone also has a number of suppliers on 60 or 90-day payment terms. In general these supplier terms have been inherited through the novation of contracts to the Company from its UK shareholders, when the Company first commenced operations and subsequently. The Company makes a weekly payment run in which all valid invoices are paid based on their contractual due date. This takes place each Wednesday (except for Public / Bank Holidays) with payment received by Suppliers on Friday each week. Where a supplier’s due date doesn’t naturally fall on a Friday, the invoice will be paid early, on the Friday preceding the actual due date.
Answer not provided
N/A
90 days
No further comment provided
Since 2017, Cornerstone has offered suppliers an electronic invoice solution called “Self-Billing” which gives suppliers the opportunity to submit claims for payment via an agreed bespoke submission template. The Company produces and pays a system-generated invoice for these claims based on contractual terms. This is a paperless process made available to a broad range of the Company’s suppliers. Approximately 80% of all invoices for this reporting period were processed and paid using Self-Billing. The Company has received positive feedback from suppliers regarding this process.
In the event of an invoice dispute or query, suppliers are advised to contact the dedicated Accounts Payable team (p2p@cornerstone.network ) who will aim to resolve all disputes in a fair and timely manner. During the supplier on-boarding process, suppliers are provided with invoicing instructions and direct contact numbers for the Accounts Payable team.
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.
Yes
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.
Yes
No
No