The average time taken for AKQA LIMITED to pay invoices to suppliers has been increasing over the past three periods, with the biggest jump occurring between the first and second periods (22 to 42 days). The percentage of invoices paid within 30 days has been decreasing steadily, while the percentage of invoices paid between 31 and 60 days has been increasing. The percentage of invoices paid later than 60 days has also been increasing, reaching its highest point in the fourth period at 24%.
There has been some volatility in AKQA LIMITED's payment patterns over the past three periods. The average time to pay has fluctuated between 22 and 56 days, while the percentage of invoices paid within 30 days has ranged from 36% to 47%. The biggest volatility can be seen in the percentage of invoices paid between 31 and 60 days, which has ranged from 28% to 48%.
Overall, AKQA LIMITED has been taking longer to pay invoices to suppliers over the past three periods. This is reflected in the increasing average time to pay and the decreasing percentage of invoices paid within 30 days. The company's payment performance has also become more volatile, particularly in terms of paying invoices within 30-60 days. In the fourth period, there was a slight improvement in the percentage of invoices paid within 30 days, but the percentage of invoices paid later than 60 days reached its highest point. This suggests that AKQA LIMITED has been struggling to make timely payments to suppliers, and there is room for improvement in their payment practices.
| 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 Jul 2019 - 31 Dec 2019 | 05 Mar 2020 | 56 | 43% | 33% | 24% | 8% |
| 01 Jan 2019 - 30 Jun 2019 | 10 Feb 2020 | 48 | 47% | 28% | 24% | 16% |
| 01 Jul 2018 - 31 Dec 2018 | 31 Jan 2019 | 42 | 36% | 48% | 16% | 61% |
| 01 Jan 2018 - 30 Jun 2018 | 30 Jul 2018 | 22 | 74% | 14% | 12% | 23% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Our standard payment terms are 30 days based on receipt of a valid invoice
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
n/a
Maximum contractual payment period agreed
60
We have a dispute resolution process to ensure that all supplier invoices are processed as efficiently as possible. We provide assistance by providing guidance on what is to be provided on supplier invoices to ensure payment can be made in a timely manner. We have a dedicated AP email inbox which supports suppliers in case of queries
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
AKQA Limited is the UK registered company operating as AKQA, a global design and innovation agency. Companies House records its business as advertising agency activities, and it is based in London. According to its own website, AKQA works with brands such as Montblanc, UPS and Nestle Goodnes, describing itself as a company that helps clients through creative technology and strategy, spanning brand building, AI powered systems, digital and physical brand experiences, and design across web, retail and other touch-points. The company has been incorporated since 1994 and remains active.
Generated from the company's website and Companies House records. Sources: akqa.com · akqa.com