WITHERS LLP
Company number: OC301149
Reporting period:
1 July 2023 to 31 December 2023
Report filed on:
30 January 2024
Approved by:
Claire Blakemore
Payment statistics
Average time taken to pay invoices: 40 days
Invoices paid:
- within 30 days: 66%
- in 31 to 60 days: 15%
- in 61 days or more: 19%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 36%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
A significant proportion of the firm’s suppliers provide services that are charged directly to the firm’s clients as disbursements. These client disbursement invoices are paid on receipt of payment from the client with the payment period, for the purpose of the calculation of average time taken to pay invoices, taken from the date of the original invoice. The standard supplier payment period for non-client contracts is 30 days. The average number of days taken to make payments to non-disbursement suppliers in the reporting period was 17 days.
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
90 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Payment processing is dealt with by the Accounts Payable function and any supplier payment queries that may arise are actioned by that team. In the event they are unable to resolve the matter, the query will be discussed between the supplier and relevant function manager or finance personnel to ensure satisfactory resolution for both the supplier and the firm.
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