Beard cuts payment times down to 26 days

Beard cut the average time it takes to pay an invoice down to 26 days in the first half of 2020.

The contractor was already paying within an average of 27
days in the previous six months.

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It has also delivered
what it called a “significant improvement” in payments made within the agreed
terms – up from 85% in the second half of 2019 to 89% in the first six months
of this year.

The
family-owned firm’s performance comes at a time when the construction industry
supply chain is facing severe financial pressures as a result of the covid-19
outbreak.

Beard has also committed to signing up to the Prompt Payment Code. This commits firms to paying 95% of invoices within 60 days. Beard already exceeds this target: just 3% of payments fell outside this timescale in the first six months of 2020.

Finance director Fraser Johns commented: “When I joined Beard last year, it was made clear to me the emphasis the firm places on prompt payment.

“This is not
just a set of numbers: for our suppliers, this is their livelihoods, and they
depend on contractors paying in full and on time.  The Covid-19 pandemic has made this all the
more important.

“Many firms
are struggling and we have all been forced to make difficult decisions over the
last few months. It has been widely reported that some firms have reacted by
delaying or withholding payments to suppliers.

“Beard regards
that as wholly unacceptable. It is unethical – and it is also bad business.

“Firms that
treat their suppliers well now will be much better placed to bounce back from
the current situation as the market recovers.

“For Beard,
meeting financial commitments to our suppliers is not an optional extra or a
‘nice to have’: it is integral to what we do and who we are as a firm.

“We are
pleased with these numbers, but we will continue to strive to do even better in
future.”