The average time taken for MACLAY MURRAY & SPENS LLP to pay invoices has increased steadily over the past three periods, from 25 days in Jun 2017-Nov 2017 to 26.5 days in Dec 2017-May 2018 and 27 days in Jun 2018-Nov 2018.
The volatility in the percentage of invoices paid within 30 days has been minimal, with only a 2% difference between the highest (82%) and lowest (78%) values. However, there has been a slight increase in the percentage of invoices paid later than 60 days, from 8% in Jun 2017-Nov 2017 to 9% in Jun 2018-Nov 2018.
In the past three periods, MACLAY MURRAY & SPENS LLP has shown a consistent trend of taking longer to pay invoices. However, there has been minimal volatility in the percentage of invoices paid within 30 days. The company has also shown a slight increase in the percentage of invoices paid later than 60 days.
| 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 Jun 2017 - 30 Nov 2017 | 20 Dec 2017 | 25 | 82% | 10% | 8% | 36% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Our standard payment terms are that good and services will only be paid for after delivery, and after any issues or queries have been resolved. Except where different payment terms have been agreed in writing with a supplier, authorized invoices will be paid on the weekly supplier payment run closest to 30 days after the invoice date. Payment of costs which are incurred as part of the services offered to our clients, generally fall outside the remit of our standard payment terms and shall be settle on a "paid when paid" basis in accordance with the SRA Accounts Rules and will be paid within 48 working hours of our invoice being settled.
Were there any changes to the standard payment terms in the reporting period?
No
Any other information about payment terms
N/A
Maximum contractual payment period agreed
30
Any payment disputes shall in the first instance be referred to the member of staff managing the contract. If the parties are unable to reach a resolution, it may be referred to the relevant head and, where necessary, the firm's Head of Finance.
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
MACLAY MURRAY SPENS LLP is a company, based in the Scotland region.
From Companies House records.