GOV.UK
ABCAM PLC
Company number: 03509322
Reporting period:
1 July 2017
to 31 December 2017
This report was filed on 22 January 2018
and approved by Gavin Wood
Payment statistics
Average time taken to pay invoices: 38 days
Invoices paid:
- within 30 days: 76%
- in 31 to 60 days: 16%
- in 61 days or more: 8%
Invoices due but not paid within agreed terms: 27 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
60 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.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Any other information about payment terms
N/A
Dispute resolution process
All 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