Back in October 2008 the Government set a new 10-day target for payment of suppliers' invoices. So in theory, if you supply goods or services to any government departments and agencies, you should get your cash quickly.
BUT, this will only happen if you submit a correct invoice. Your invoice will only be paid once it has passed all of the relevant checks and authorisations. In other words, you must include the following information as a minimum:
- Invoice date
- Invoice number
- Supplier name and address
- Customer name and address
- VAT registration number
- Company registration number
- Description of goods/service provided
- Net amount, VAT and Gross amount
- Purchase order number
- Supplier bank details: bank account name (ususally your company name), account number and sort code
If you do not have a purchase order number, you should provide the contact name of the person who ordered the goods or service.
We also recommend that you provide the following information:
- Confirmation that the goods or services detailed have been fully performed or delivered
- If the invoice differs in any way from the original quote/purchase order, (e.g the agreed charge or quantity of goods supplied) this difference should be explained
- Your contact details - telephone number and/or email address- in case of queries
- Email address to which a remittance (payment) advice can be sent
If you are a CIS contractor, you must also provide your unique taxpayer reference (UTR) and your National Insurance number (if you are a soletrader).
Finally, each department and agency is likely to have their own specific list of requirements, so if you should check with the Accounts Payable/Payments team as to what these are, before submitting your invoice. If you follow these tips, your invoice should be at the top of the pile when the next payment run is made.
© Accounts Training Ltd 2009