INCE GORDON DADDS LLP
Company number: OC383616
Reporting period:
1 April 2021 to 30 September 2021
Report filed on:
29 October 2021
Approved by:
J C M Biles
Payment statistics
Average time taken to pay invoices: 25 days
Invoices paid:
- within 30 days: 74%
- in 31 to 60 days: 12%
- in 61 days or more: 14%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 17%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
42 days
Standard payment terms
Standard payment terms for Trade Creditors is 42 days.
Standard payment terms for most legal Creditors via direct debit is usually 7 days or 14 days.
The Standard payment terms for all other legal creditors is upon receipt of client funds to cover the disbursement.
Were there any changes to the standard payment terms in the reporting period?
Given the unforeseen circumstances which have impacted the business as a direct consequence of the rapid spread of the Covid-19 virus, the business has needed to manage its payment practices closely. The business has proactively sought to establishment payment deferrals and payment plans with certain suppliers where possible - notifying suppliers where relevant.
Were suppliers notified or consulted about these changes before they were made?
The Accounts Payable Manager and Chief Financial Officer have worked closely together to identify high value suppliers which we hoped to defer payment to. A single member of the accounts payable team was designated with the task of liaising with suppliers to discuss possible payment deferral. The Accounts Payable Manager subsequently contacted the supplier directly through telephone to agree a payment plan in situations where the supplier refused any initial request for payment deferral. In situations where no agreement could be made, the decision was escalated to the Chief Financial Officer to agree and negotiate payment options. Failures to make good of payment plans are addressed directly by the Accounts Payable manager.
Maximum contractual payment period agreed
162 days
This relates to a trade creditor with whom we had agreed a deferred payment.
Any other information about payment terms
No further comment provided
Dispute resolution process
Any initial disputes in relation to payments are initially circulated to the Accounts Payable team which are then passed on to the Accounts Payable manager for investigation. The Accounts Payable manager will seek direct contact with the supplier to address the issue. If the dispute relates to the product or service provided, the authorising purchaser will contact the supplier directly. Where the issue relates to physical payment, accounts payable will be in direct communication with the supplier.
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.
Yes
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