Businesses must report the following details regarding qualifying contracts for each reporting period.
Statistics on:
- the average number of days taken to make payments in the reporting period, measured from the date of receipt of invoice or other notice to the date the cash is received by the supplier
- the percentage of payments made within the reporting period which were paid in 30 days or fewer, between 31 and 60 days, and in 61 days or longer
- the percentage of payments due within the reporting period which were not paid within the agreed payment period
Company Watch graph this data to more easily view the trends in behaviour over time. In addition, Company Watch have also added some unique derived data, including the Days Taken to file. Companies have a mandatory 30-day requirement to file Payment Practices; you can see how companies are performing against this requirement and learn if any have breached it.
Below the graphs, we show further details of the latest Payment Report with links to access each previous report. This will include:
Descriptions of the business’ standard payment terms, which must include:
- the standard contractual length of time for payment of invoices
- maximum contractual payment period and any changes to the standard payment terms in the reporting period
- how suppliers have been notified or consulted on these changes
- the business’ process for resolving disputes related to payment
Statements about:
- whether suppliers are offered e-invoicing
- whether supply chain finance is available to suppliers
- whether the business’ practices and policies cover deducting sums from payments as a charge for remaining on a supplier’s list, and whether they have done this in the reporting period
- whether the business is a member of a payment code, and the name of the code
