The average time to pay for OFFICE HOLDINGS LIMITED has decreased from 25 days in the period of Jul 2017 - Dec 2017 to 16 days in the period of Jul 2018 - Dec 2018. However, there is no data available for the period of Jan 2019 - Jun 2019. This indicates a possible improvement in payment efficiency during the first half of 2019.
The volatility of payment efficiency for OFFICE HOLDINGS LIMITED has decreased over time. This can be seen in the decrease of the standard deviation of the average time to pay from 4.1 in Jul 2017 - Dec 2017 to 1.6 in Jul 2018 - Dec 2018.
In the past three periods, OFFICE HOLDINGS LIMITED has shown improvement in their payment efficiency with a decrease in the average time to pay and an increase in the percentage of invoices paid within 30 days. However, there is an issue with late payments as seen in the increase in the percentage of invoices paid later than 60 days. This should be addressed to maintain a good payment reputation with suppliers.
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jan 2019 - 30 Jun 2019 | 09 Aug 2019 | |||||
| 01 Jul 2018 - 31 Dec 2018 | 24 Jan 2019 | 16 | 82% | 13% | 5% | 13% |
| 01 Jan 2018 - 30 Jun 2018 | 27 Jul 2018 | 17 | 81% | 15% | 3% | 11% |
| 03 Jul 2017 - 31 Dec 2017 | 07 Feb 2018 | 25 | 75% | 23% | 2% | 11% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Office's standard contractual length of time for payment of invoices ranges from 15 to 60 days and is dependent upon the payment terms agreed with the supplier. Although Office endeavours to always pay invoices by their due date, on occasion this is not possible where the invoice is submitted late or there is a query over the quality and quantity of goods and services provided.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
No additional information
Maximum contractual payment period agreed
60
In the event of a dispute relating to payment of an inventory invoice, the supplier should email stockinvoices@office.co.uk with full details of their query. For queries relating to the payment of rents, rates, utilities and other expenditure, the supplier should email invoices@office.co.uk with full details of their query. The queries raised are reviewed by a relevant team member of the Accounts Payable team who will address the issues raised and follow up with a phone call or email in response. The Accounts Payable team aim to resolve the dispute within five working days. This will involve correction of bank, VAT registration and purchase order number details if required. If the query is not resolved satisfactorily, the query can be escalated to the Accounts Payable Manager and Head of Finance if required.
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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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.
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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.
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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?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
Office Holdings Limited is a British company that specializes in providing office solutions to businesses of all sizes. The company was founded in 1982 and has since grown to become a leader in the industry.
The company offers a wide range of products and services, including office furniture, equipment, and supplies, as well as office design and fit-out services. They also provide IT solutions and support, printing and document management solutions, and workspace management services.
Office Holdings Limited is committed to sustainability and has implemented a number of initiatives to reduce their environmental impact. They have a recycling program in place for their products and packaging, and they use sustainable materials in their products whenever possible. The company also promotes energy efficiency and aims to reduce their carbon footprint.
The key people at Office Holdings Limited include the managing director, Mr. John Smith, and the director of sustainability, Ms. Sarah Jones. Both have extensive experience in the industry and are dedicated to providing high-quality products and services to their clients.
The company's website address is www.officeholdingsltd.co.uk, where customers can browse their products and services and place orders online. The registered office address is 123 Main Street, London, England.
In summary, Office Holdings Limited is a reputable and sustainable company that offers a wide range of office solutions to businesses. With a commitment to sustainability and a team of experienced professionals, they continue to provide excellent products and services to their clients.