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ALFA FINANCIAL SOFTWARE LIMITED

Company number: 02482325

Reporting period:
1 July 2019 to 31 December 2019

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This information is as reported by the business, and responses are in their own words.

This report was filed on 31 January 2020

and approved by Andrew Denton

Payment statistics

Average time taken to pay invoices: 21 days

Invoices paid:

• within 30 days: 86%
• in 31 to 60 days: 1%
• in 61 days or more: 13%

Invoices due but not paid within agreed terms: 35 %

Payment terms

Standard payment period for qualifying contracts

30 days

Standard payment terms

The supplier shall, following acceptance of any deliverables, be entitled to submit an invoice for the appropriate charge. Each invoice shall contain the particulars required by statute in respect of VAT, the PO number (if applicable) and any other particulars prescribed in the agreement and shall be sent to the address specified in the agreement.

Payment of the correct invoice submitted in accordance with the above shall be made by Alfa within 30 working days from the date of the receipt, unless agreed otherwise. Alfa reserves the right to refuse payment of part or all of any invoice which is not submitted in accordance with these conditions.

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

30 days

Any other information about payment terms

N/A

Dispute resolution process

Alfa has a dedicated Accounts Payable team which is reachable by phone and email. Vendors with invoice queries need to contact this team. The Accounts Payable team will reach out to the invoice contact if not clear from the system which invoice has not been approved for payment. Payment runs are generally run twice a month

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.

No

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