Company number: 04188491
and approved by Vanessa Gough
Average time taken to pay invoices: 76 days
Invoices paid:
Invoices due but not paid within agreed terms: 18%
60 days
90 days
Contractual terms are between 60 and 90 days end of month. For Ad Hoc purchases 60 days end of month.
Answer not provided
N/A
90 days
"The increase in average time to pay is due to more suppliers moved onto end of month 90 day payment terms. Where the date that a purchase invoice is ‘cleared from query’ is used as the ‘start date’ to measure the ‘time to ‘payment’ : " the number of invoices paid according to the ‘agreed payment date’ increases from 82% to 85%, and average payment days falls from 76 to 66 days.
N/A
RS uses a vendor portal which is used prior to promotion of invoice to its ERP system, and within which an invoice query type is assigned and work flowed to a responsible individual who works with the vendor to resolve and progress invoice to payment: the accounts payable dept. being measured by internal KPIs to resolve invoice queries as soon as is possible.
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.
No
No
No