GARIC LIMITED
Company number: 02220727
Reporting period:
1 January 2021 to 30 June 2021
Report filed on:
30 July 2021
Approved by:
Andrew John Goody
Payment statistics
Average time taken to pay invoices: 57 days
Invoices paid:
- within 30 days: 10%
- in 31 to 60 days: 43%
- in 61 days or more: 48%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 54%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
60 days
Standard payment terms
Supplier set up form is completed using terms of 45 days from the end of the month, which are our standard AP payment terms. Set up of accounts with varying terms must be approved by the Head of Strategic Finance/Head of Supply Chain/Exec.
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
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Invoices that do not contain a valid Purchase Order or a Purchase Order that has been fully utilised will be returned via email to the supplier with instructions of what steps to take next.
1. Missing GRN - Invoice won't be posted until the requisitioner on Sicon confirms the GRN - they have the notifications on Sicon and are emailed weekly by the AP team to request these be completed
2. Price/Quantity discrepancy - AP email Supplier requesting CRN, within 7 days from receipt of invoice
3. Missing Carriage - AP email Procurement to confirm if the Carriage is valid and then they will add to the PO
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.
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?
Yes
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No