The data for AON CONSULTING LIMITED shows a steady decrease in the average time taken to pay invoices, from 59 days in the first period to 39 days in the most recent period. This indicates a positive trend towards faster payment to suppliers.
The volatility of the data is relatively low, with only minor changes in the percentages of invoices paid within 30 days, between 31 and 60 days, and later than 60 days. However, there is a significant increase in the percentage of invoices not paid within agreed terms in the third period, which could indicate potential issues with late payments.
In the first period of Jan-Jun 2018, AON CONSULTING LIMITED took an average of 59 days to pay invoices, with 20% of invoices paid within 30 days, 72% paid between 31 and 60 days, and 8% paid later than 60 days. In the second period of Jul-Dec 2018, the average time to pay decreased to 57 days, with 19% of invoices paid within 30 days, 73% paid between 31 and 60 days, and 8% paid later than 60 days. In the third period of Jan-Jun 2019, there was a significant decrease in the average time to pay, with only 39 days, and a higher percentage of invoices paid within 30 days (30%) and between 31 and 60 days (63%). However, there was also an increase in the percentage of invoices not paid within agreed terms (50%). In the most recent period of Jul-Dec 2019, the average time to pay remained at 39 days, with 25% of invoices paid within 30 days, 70% paid between 31 and 60 days, and a decrease in the percentage of invoices not paid within agreed terms (40%).
| 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 2020 - 30 Jun 2020 | 15 Sept 2020 | |||||
| 01 Jul 2019 - 31 Dec 2019 | 24 Jan 2020 | 39 | 25% | 70% | 5% | 40% |
| 01 Jan 2019 - 30 Jun 2019 | 28 Nov 2019 | 39 | 30% | 63% | 7% | 50% |
| 01 Jul 2018 - 31 Dec 2018 | 05 Feb 2019 | 57 | 19% | 73% | 8% | 18% |
| 01 Jan 2018 - 30 Jun 2018 | 13 Aug 2018 | 59 | 20% | 72% | 8% | 20% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Standard payment term is 45 days from invoice date. This period reflects the normal course of dealing, unless the Company enters into formal written terms for supplies from group companies.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
Effective 1st January 2019, Aon’s Enterprise Financial Management platform migrated, and this move led to weekly payment runs. This led to many suppliers being paid a few days after the due date and resulted in an increase in the number of suppliers who were paid late January-August 2019. The payment runs frequency has been changed to daily in September 2019.
Maximum contractual payment period agreed
60
Helpdesks and contact details as well as process information available on http://www.aon.com/about-aon/supplier-information.jsp
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.
❌
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.
❌
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.
❌
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?
❌
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
AON CONSULTING LIMITED is a global professional services firm that offers a wide range of consulting and outsourcing services to businesses. The company was founded in 1947 and is headquartered in London, United Kingdom.
The company's sustainability program is focused on reducing their environmental impact and promoting responsible business practices. They have implemented initiatives such as reducing their carbon footprint, promoting diversity and inclusion, and supporting local communities.
AON CONSULTING LIMITED offers a variety of products and services including risk management, human resources consulting, insurance brokerage, and retirement consulting. They also provide solutions for financial management, health and benefits, and data analytics.
Key people in the company include CEO Greg Case and Executive Chairman of the Board Lester B. Knight. AON CONSULTING LIMITED has over 50,000 employees worldwide, with a team of experienced consultants and experts in various industries.
Their website address is www.aon.com and their registered office address is The Aon Centre, The Leadenhall Building, 122 Leadenhall Street, London EC3V 4AN, United Kingdom. They can also be contacted through their customer service hotline at 0800 015 6512. Overall, AON CONSULTING LIMITED is a leading consulting firm that is committed to sustainability and providing top-notch services to their clients.