Wood and Disney's professional best practice recognised with another award!

What is the Fair Payment Code?

The Fair Payment Code (FPC) sets standards for payment practices and best practice and is administered by the Small Business Commissioner on behalf of the Department for Business and Trade (DBT). 

The Fair Payment Code awards businesses based on three thresholds: 

• The Bronze Award is awarded to those paying at least 95% of all invoices within 60 days 
• The Silver Award is awarded to those paying at least 95% of all invoices within 60 days, including at least 95% of invoices to small businesses within 30 days 
• The Gold Award is awarded to those paying at least 95% of all invoices within 30 days 

Wood and Disney have been awarded the highest level - The Gold Award

The Fair Payment Code is designed to address the longstanding issue of late payments, which has been a major challenge for small businesses. By enforcing stricter payment terms and promoting a culture of prompt payments, the Code aims to alleviate cash flow problems that often hinder small firms' operations and growth prospects.

The Department for Business and Trade published a report focusing on “Payment and Cashflow”, in 2023, highlighting the damage done to the UK economy (https://assets.publishing.service.gov.uk/media/65df15d2b8da630f42c86223/the-prompt-payment-and-cashflow-review-2023_.pdf)

The reports key findings are:

• In 2022, Small and Medium-sized Enterprises (SMEs) were owed on average an estimated £22,000 in late payments.
• FSB research estimates that 50,000 SMEs go out of business each year referencing cash flow as a cause.
• Intuit Quickbooks estimates that 56.4 million hours are wasted each year by businesses chasing late payments, across cross the UK.
• Xero estimate that late payments cost small businesses £684 million each year.

Wood and Disney lead the way in delivering best business practice. We believe that we cannot advise our clients on best practice, if we do not adhere to the highest ethical and professional standards. We dedicate ourselves to delivering to our clients the most expert and best, business and financial advice to help them each achieve their goals and aspirations. In October 2024, Wood and Disney won the national award for Client Service in the Accountancy Excellence Awards. We also uphold those standards in the way that we run our business. We want our suppliers and business partners to thrive and trust in doing business with us.

Why?

• We get the best possible customer service from our suppliers and business partners, because they know that we treat them professionally, with respect and that they will be paid promptly.

• Many of our suppliers are local businesses. Supporting local businesses is important to us, as a thriving local economy will benefit us all.

• We receive many referrals from our suppliers and business partners enabling us to grow our business. Many of our suppliers have themselves become long-standing, valued clients.

• Trust and Reputation. We have worked tirelessly over the years to build a reputation for financial expertise, professionalism and pragmatic, experience backed, business advice. Our reputation and the highest standard of service we deliver means that our clients listen to us and trust the advice we give them. How we treat our suppliers is a key part of building a reputation for professionalism in the business community. We will not do anything that damages that reputation.