A LICHFIELD digital marking agency has been recognised for efforts to pay suppliers on time.
Cocoonfxmedia Ltd scooped the Fair Payment Code Gold Award for paying at least 95% of invoices within 30 days.
It is one of the first 100 businesses to be given the accolade.
The company’s co-founder James Blackman said:
“I have been working closely with the last three Small Business Commissioners to help level the playing field for micro-businesses.
“Ensuring timely payments is crucial for the survival of small businesses.
“Receiving the Gold Award is a testament to our ethical approach to business and our commitment to supporting a fairer business environment.
“We believe that every business should aim to pay all their suppliers in 30 days – it just makes sense and it helps drive growth”
Whoopee – but if no payment date is agreed contractually the debt is due after 30 days anyway under law. Is it not? So here with have a Company and Labour Councillor celebrating complying with the law 95% of the time (unless that contract states otherwise).
RFW, completely agree. Awarded for doing what they are obliged to do anyway!
Payment is normally 30 days from the end of the month follow date of invoice. But the is no legal obligation or law saying so
We actually pay within 100% of all invoices before the due date or quicker. Its called Ethics, nothing to do with party or being a councillor.
£24BN is owed to mirco & small businesses. These are businesses who have signed contracts and ignore the invoice due date. The office of the small business commissioner since 2014 (that how long I have been working with them) to finally get some kind powers to stop the late payment culture.
Xero Accountancy has reported that 24% of Mirco & Small businesses owners can not pay themselves due to the late invoices. Answer to Mike – NO payment isn’t normally end of month + 30 days. that 60 days. Just put the shoe on the other foot, your wage would you be able to afford your bills if your constantly being paid in 65 to 75 days (as that what end of month + 30 days is in reality).
Ask any Mirco business out their what happens when payments are late. It’s not a party thing… its about doing the right thing for local businesses.
https://www.gov.uk/invoicing-and-taking-payment-from-customers/payment-obligations
A quick look at the companies accounts shows turnover dropped by circa £30,000 to £168k last year.
A company with that level of turnover is in no position to set invoice terms in excess of 30 days, anyway.
So they’ve basically got an award for paying invoices on time.