New Report: Novus are amongst the fastest payers

  30 July, 2020
New Report: Novus are amongst the fastest payers

Every year, the Government publish figures on the promptness of businesses in paying their suppliers. Having submitted numbers for 2019/2020, Novus ranks amongst the quickest to pay supplier invoices in the industry.


Average time taken to pay invoices

This is the average elapsed time taken for a business in receipt of goods or services to pay the supplier.

Published on 29th July 2020, Novus achieved an average payment time of 33 days against all of its invoices; a number that places the building contractor inside the top 3 organisations of all its major competitors (total 11 compared).

In addition, this eclipses the “43 day average” for contractors to pay their suppliers Construction News reported in 2019.

The article also indicated the average proportion of invoices not paid to the terms originally set out is 28 per cent, compared to 9% this year for Novus.


The importance of quick payments

As a company, Novus strives to build strong and trustworthy partnerships with their suppliers, maintaining an open dialogue with its supply chain, and of the belief that quick payments are reflective of mutual respect.

The importance of quick payments goes almost without saying in the current climate. The backdrop of Covid-19

Late payment of invoices is a problem for most suppliers of goods and services in any industry, and in a challenging economy, the issue is only heightened.

Subsequently, it will probably come as no surprise that late payments and bad debts are the main causes of insolvency in construction companies, contributing almost a quarter of all insolvencies.


Publicly available information

For further information about average payment times, visit the Government website, specifically the “Check when large businesses pay their suppliers” page.

From here you can check the average time it takes for a large business to pay its suppliers and the proportion of payments that it doesn’t pay on time.

Specific information about Novus can be found here.

SEARCH
NOVUS NOW
RECENT POSTS
NOVUS TAKES HOME TWO TROPHIES AT THE ASFP AWARDS

NOVUS TAKES HOME TWO TROPHIES AT THE ASFP AWARDS

We’re thrilled to announce that we recently took home two trophies at the Association for Specialist Fire Protection (ASFP) Awards.

INFORMATION ABOUT HOW WE USE COOKIES

We use cookies to make our site work. A cookie is a small file that we put on your device. These cookies allow us to distinguish you from other users of our website, which helps us to provide you with a good experience when you browse our website and allows us to improve our site.
OUR COOKIES
Necessary Cookies
Necessary cookies enable core functionality such as security, network management and accessibility. You may disable these by changing your browser settings, but this may affect how the website functions.
Analytical Cookies
Analytical Cookies help us to improve our website by collecting and reporting information about how visitors use our site. This helps us to improve the way our website works, for example by ensuring that users are easily finding what they are looking.
Read more about the individual cookies we use, their duration and how to recognise them in our Cookie Policy.