FAMILY ACTION
Company number: 01068186
Reporting period:
1 October 2020 to 31 March 2021
Report filed on:
30 April 2021
Approved by:
Funke Fatunla
Payment statistics
Average time taken to pay invoices: 40 days
Invoices paid:
- within 30 days: 66%
- in 31 to 60 days: 21%
- in 61 days or more: 13%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 13%
Payment terms
Shortest standard payment periods
14 days
Longest standard payment period
60 days
Standard payment terms
Our standard payment terms are 60 days from the date of invoice. A number of freelance suppliers are on zero payment terms to ensure that where possible they are on the next available payment run after invoice approval. However we run our supplier payments every two weeks.
Were there any changes to the standard payment terms in the reporting period?
Standard payment terms changed from 30 days to 60 days.
Were suppliers notified or consulted about these changes before they were made?
We have recently updated the payment terms to 60 days to reflect the timeline reality of the timelines required by our suppliers to send us their invoices for payment. This is a very recent change and we will be issuing letters to our suppliers.
Maximum contractual payment period agreed
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
If there is a separate agreement between the supplier and Family Action relating to the supply of the goods or services to which an invoice relates, disputes relating to the invoice will be treated as a dispute arising under that agreement. Where there is no separate agreement, disputes shall be dealt with according to Family Action standard Terms and Conditions of Purchase. Family Action reserves the right to withhold payment of disputed amounts pending resolution. However, Family Action values its long-term relationships with suppliers and endeavours to settle any invoicing disputes quickly. In the first instance, any dispute should be settled between the Family Action representative who placed the order, and an authorised person for the supplier. If, after 14 days, the dispute is unresolved, the supplier can re-direct the dispute by emailing the Accounts Payable Team with a copy of the invoice, a summary of the issue(s) and correspondence to date in respect of the dispute. The Accounts Payable Team will escalate the information within Family Action to facilitate resolution where possible
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 Fair 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.
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