Growing the Business
The Prompt Payment Code encourages and promotes best practice between organisations and their suppliers. Signatories to the Code commit to paying their suppliers within clearly defined terms and commit also to ensuring there is a proper process for dealing with any issues that may arise. This means that suppliers can build stronger relationships with their customers, safe in the knowledge that they will be paid and confident that they are working with a business that values the service they deliver. Prompt payment is critical to the cash flow of every business and especially to smaller businesses within the supply chain.
WHY IS IT RELEVANT TO WILSON JAMES?
Wilson James Ltd is a signatory to the Prompt Payment Code (PPC), which sets us a target of 95% of invoices to be paid within 60 days. We consider the timely payment of our supply chain as a healthy deliverable to not only ensure our suppliers are paid for goods and services satisfactorily provided, but also to develop a successful supplier relationship and be widely known as a trusted company to work alongside. Many of our clients e.g. Heathrow are also promoting the PPC as best practice to their supply chain, so another very good reason to be on-board and compliant!
WHY IS IT RELEVANT TO ME?
To help Wilson James achieve this target, we welcome your assistance in the following areas:
- A PO number is provided for each order via Procurement;
- Timely receipting of orders is completed on SAP on delivery of the goods/services;
- Invoice queries raised by Purchase Ledger or Procurement on price, service, etc. are replied to within 48 hours;
- Where service issues may not be resolved locally, that they are reported to Procurement for further action. Please be advised that only Directors may request that payment of an invoice is withheld;
- For agency requirements – P09 Forms (agreed rates) and H02 Forms (agency set up) are submitted in advance of the service to email@example.com, and worked hours subsequently logged on Timegate.
WHAT ARE WE DOING TO REMAIN COMPLIANT?
The Purchase Ledger and Procurement teams routinely strive to achieve the timely payment of valid invoices. However, we are particularly focused at this time on the following tasks:
- Weekly review of the Aged Debt Report to progress queries both internally and with suppliers;
- Earlier focus on the management of direct debits and credits;
- Consolidation of orders & invoices where practicable;
- Regular supplier meetings to resolve common service/invoicing issues;
- Hires – receipting for the full period on delivery, as per update from the Procurement team last week
- Communication throughout Wilson James Ltd of the PPC as responsibility for compliance reaches across the business, not just in the Support functions.
WHO DO I CONTACT TO LEARN MORE?
Thank you for your support.
Supply Chain Manager