Every year, thousands of businesses experience severe administrative and financial burdens, simply because they are not paid on time. Late payment is a key issue for business, especially smaller businesses as it can adversely affect their cash flow and jeopardise their ability to trade. In the worst cases, late payment can lead to insolvency.
As a result, the Government has introduced a duty on the UK’s largest companies and LLPs to report on a half-yearly basis on their payment practices, policies and performance. Newable does not qualify as a ‘larger company’ but much like the Gender Pay Gap, we want to publish the information anyway.
Our payment policy is to pay all its supplier invoices within 30 days of receipt.
Our payment practice is to pay all approved invoices via weekly payment runs.
In terms of our performance for the financial year ending on 31st March 2019 the average time taken to pay an invoice was 27 days and 73% of invoices were paid within 30 days of their receipt.