Industry ranking
The data shows that VIRTUSA UK LIMITED has consistently improved their average time to pay invoices over the last three periods. From April 2019 to March 2022, the average time to pay has decreased from 37 days to 28 days, indicating a trend towards faster payment to suppliers.
The data also shows low volatility in the percentage of invoices paid within 30 days, with only a 4% difference between the highest and lowest percentage over the three periods. However, there is more volatility in the percentage of invoices paid between 31 and 60 days, with a 9% difference between the highest and lowest percentage. The biggest change is seen in the percentage of invoices paid later than 60 days, with a decrease of 11% over the three periods.
| 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 Oct 2021 - 31 Mar 2022 | 28 Apr 2022 | 28 | 76% | 19% | 5% | 24% |
| 01 Apr 2021 - 30 Sept 2021 | 27 Oct 2021 | 29 | 72% | 21% | 7% | 28% |
| 01 Oct 2020 - 31 Mar 2021 | 22 Apr 2021 | 30 | 65% | 28% | 7% | 35% |
| 01 Apr 2020 - 30 Sept 2020 | 21 Oct 2020 | 30 | 65% | 28% | 7% | 35% |
| 01 Oct 2019 - 31 Mar 2020 | 30 Apr 2020 | 30 | 68% | 21% | 11% | 32% |
| 01 Apr 2019 - 30 Sept 2019 | 30 Mar 2020 | 37 | 62% | 22% | 16% | 38% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Payment terms are 30 days from accepting the invoice from a supplier
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
Even though payment terms are stipulated as 30 days, effort is made to pay invoices well in advance of the standard payment terms.
Maximum contractual payment period agreed
30
Three tier resolution process: Level 1: Virtusa’s accounts payable team – vendors are encouraged to email their concerns to a dedicated email ID: (a) AccountsPayable-UK@virtusa.com - For non-OSP (outsourced service providers) invoices and (b) VirtusaContractorAPEur@virtusa.com – For OSP invoices. Level 2: Payables Manager – Suppliers are provided with the current contact details at the time of engaging services with Virtusa. Level 3: Finance Manager – Suppliers are provided with the current contact details at the time of engaging services with Virtusa
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
Virtusa UK Limited is the UK subsidiary of Virtusa, a technology consultancy group registered with the SIC code for information technology consultancy activities. The wider Virtusa group designs, builds and delivers digital experiences and technology solutions for enterprise clients, combining software engineering with business consultancy. Virtusa's own materials describe the group as helping organisations reimagine their business through technology, including AI-driven services. The UK entity, based in London, forms part of this global operation, incorporated in 2004 and currently active according to Companies House records. No further detail on its specific UK-facing services is available from the evidence supplied.
Generated from the company's website and Companies House records. Sources: virtusa.com