GOV.UK
ABCAM PLC
Company number: 03509322
Reporting period:
1 July 2019
to 31 December 2019
This report was filed on 28 January 2020
and approved by Nick Sales
Payment statistics
Average time taken to pay invoices: 51 days
Invoices paid:
- within 30 days: 45%
- in 31 to 60 days: 34%
- in 61 days or more: 21%
Invoices due but not paid within agreed terms: 57 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
90 days
Standard payment terms
Abcam is committed to paying all approved, undisputed expenditure promptly and within the agreed payment terms on receipt of a valid invoice. Disputes are targeted to be responded to within 24 hours of receipt of an invoice with either an acknowledgement of receipt or a resolution. Our most frequently used payment terms for qualifying contracts are 30 and 45 day terms.
Were there any changes to the standard payment terms in the reporting period?
Yes – During this period we have started to move new contracts into the 45 day term agreements. With the long term goal to have 45 day terms as our standard terms.
Were suppliers notified or consulted about these changes before they were made?
Yes – This has only happened under negotiation when an old contract has expired or for contracts not previously held.
Maximum contractual payment period agreed
90 days
Any other information about payment terms
N/A
Dispute resolution process
All Procurement and Accounts Payable staff are trained and understand the importance of the timely and complete investigation through to resolution of disputes. Causes for dispute might include, but not limited to the following:
• Non-receipt of invoice
• Goods not received
• Delivered product/service not matching invoice
• Insufficient information
o Incorrect bill to address or company name
o Missing/Incorrect information (purchase order requirements)
o VAT requirements
o Change of details (i.e. new bank account)
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 Prompt Payment Code must commit to paying 95% of their invoices within 60 days.No
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