Company number: 03375961
and approved by Lily Liu
Average time taken to pay invoices: 35 days
Invoices paid:
Invoices due but not paid within agreed terms: 38%
0 days
120 days
Xaar’s standard terms are 60 days following the end of the month. (https://www.xaar.com/media/1713/xaar-terms-and-conditions-of-purchase.pdf, Xaar’s standard terms are in section 8.4). However there are agreements with many suppliers where the terms differ from Xaar’s standard terms, and are in most cases shorter.
As part of a review of the working capital cycle, Xaar’s standard terms have been increased from net 30 days to 60 days following the end of the month.
During the year, the Xaar Purchasing department completed an activity to identify some of our more significant manufacturing supplier relationships, and undertook a negotiation process to move some of these accounts to more favourable terms, up to our new standard payment term. All other suppliers have remained on their existing terms, which are in almost all cases shorter than our standard terms. All changes to standard terms with existing suppliers are tracked by the purchasing department, with records also kept by the finance team.
120 days
No further comment provided
N/A
Xaar is committed to building and maintaining strong relationships with our suppliers and seeks to resolve invoice queries/disputes with suppliers as quickly as possible. The majority of Xaar’s supplier relationships are covered by our standard terms and conditions. The dispute resolution process in these cases will be as stated below. Most invoices are issued against a Xaar purchase order. Queries for these invoices are passed by Accounts Payable to the Purchasing department, which is responsible for raising Purchase Orders with suppliers, for investigation and resolution. For any non-purchase order invoices, Accounts Payable will either raise queries with suppliers directly or will work in collaboration with the internal invoice owner in order to resolve with the supplier. Where there is a specific agreement in place with a supplier, a specified dispute resolution clause will be included in the agreement. The exact wording of the clause will vary but the process is likely to be that Xaar and the supplier will attempt to settle the dispute themselves; if no resolution is found then it will be taken to an independent body to resolve; and then to Court if the dispute cannot be resolved.
For example, signatories to The Prompt 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.
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
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
No
No