Business payment practices and policies: duty to report
We’re asking for views on our proposals to make companies report on their payment performance to help create responsible payment practices.
Opened
27 Nov 2014
Closed
2 Feb 2015
▤ Verbatim text from source document
We want to know if we should ask companies to report on a series of measurements that will tell us about their payment performance. We propose to include the:
- proportion of invoices that are paid beyond the payment terms
- proportion of invoices paid within 30 days
- proportion of invoices paid over 30, 60 and 120 days
- the average time taken to pay invoices
We also want your views on whether companies should also provide a statement that would help the supplier understand the company’s payment practices and performance.
These proposals would allow suppliers to compare different customers against a standardised time frame of payment. The reporting procedure would be easy for companies to understand and straightforward to complete. It would also provide useful data for suppliers to use.