E.W. BEARD LIMITED

Subcontract Ledger: Standard payment terms are set with the subcontractor during contract negotiations and written into the contract. Terms can range between 14-60 days. The time taken for the BACS payment to be received by the subcontractor is factored into the payment due date. Funds are available on the due date.

Purchase Ledger: Standard payment terms are payment to the supplier by the end of month following the month of invoice, which can result in a payment period of between 28-63 days. Payment is sent by BACS. Funds are available on the due date.

Subcontract Ledger: Disputes relating to subcontractors are referred to the Quantity Surveyor or Project Manager on the project, who will resolve the dispute as soon as possible. Should the subcontractor wish to escalate the concern, they can contact the Finance Manager to discuss further. Notes can be recorded in the finance system for dispute tracking and audit trail. Once resolved, the payment will be included in the next payment run available or sooner if required.

Purchase Ledger: Invoices are lodged in the finance system and are visible for the approver as outstanding. Notes can be added to the invoice within the finance system to aid resolution. The Purchase Ledger Supervisor monitors outstanding unapproved invoices and reports on outstanding items. Once resolved, the payment will be included in the next payment run available or sooner if required.