PRINOVIS UK LIMITED
Company number: 05063783
Reporting period:
1 January 2021 to 30 June 2021
Report filed on:
13 July 2021
Approved by:
RICHARD GRAY
Payment statistics
Average time taken to pay invoices: 44 days
Invoices paid:
- within 30 days: 30%
- in 31 to 60 days: 36%
- in 61 days or more: 34%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 75%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
90 days
Standard payment terms
90 days net (with 3% discount if paid within 5 days EOM in which the invoice was received) This is stated in the Prinovis UK Limited T&Cs. www.prinovis.co.uk When a new supplier is set up, they are offered this payment term as standard. Any move away from this term has to be agreed up front.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
90 days
No further comment provided
Any other information about payment terms
Prinovis UK systems are configured to calculate payment date based upon invoice receipt date. In some cases where the supplier does not promptly send an invoice, or it is not received, this can lead to payments being reported as late despite them being paid to terms based upon receipt date. Prinovis UK takes its supplier payment seriously, and as such standard company policy is to pay invoices as they fall due based upon the calculated due date.
Dispute resolution process
Any payment disputes are dealt with by the Accounts Payable Team in the first instance. If the matter remains unresolved, it will be escalated to the senior managers in finance and purchasing.
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