INDEPENDENT VETCARE LIMITED
Company number: 07746795
Reporting period:
1 October 2018 to 31 March 2019
Report filed on:
2 December 2019
Approved by:
Mark Gittings
Payment statistics
Average time taken to pay invoices: 57 days
Invoices paid:
- within 30 days: 49%
- in 31 to 60 days: 11%
- in 61 days or more: 40%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 73%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
60 days
Standard payment terms
We generally offer 30 day payment terms, however we also work to our vendors payment terms so this can be anything down to 0 days. Our largest supplier, although officially on 60 day payment terms is paid by local agreement on the last day of the month after 60 days so is in effect on 90 day payment terms. This negatively effects our published performance.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
We have a designated purchase ledger helpdesk which deals with all queries regarding payments. Any queries also have a set escalation process to senior level. IVC also has a procurement department which deals with vendor account managers and a complaints team.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
Yes
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No