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INCENTIVE FACILITIES MANAGEMENT LIMITED

Company number: 04324546

Reporting period:
1 October 2019 to 31 March 2020

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

This report was filed on 9 April 2020

and approved by Paul Dunkley

Payment statistics

Average time taken to pay invoices: 53 days

Invoices paid:

• within 30 days: 26%
• in 31 to 60 days: 36%
• in 61 days or more: 38%

Invoices due but not paid within agreed terms: 66 %

Payment terms

Shortest standard payment period

30 days

Longest standard payment period

90 days

Standard payment terms

Incentive FM's standard payment terms are 60 days from date of invoice. In some cases, different payment terms are set up after discussion with suppliers

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

No

Maximum contractual payment period agreed

60 days

n/a

Any other information about payment terms

n/a

Dispute resolution process

Incentive FM has a dedicated Accounts Payable team that deal with supplier queries daily through telephone calls and via e-mail. Any disputes that cannot be solved by these means are raised to the AP Manager and beyond that to Finance Director level. Any complaints are also handled by the AP Manager who will follow up.

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