ABACO SYSTEMS LIMITED
Company number: 02151516
Reporting period:
1 July 2021 to 31 December 2021
Report filed on:
28 January 2022
Approved by:
Bruce Wilson
Payment statistics
Average time taken to pay invoices: 53 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: 62%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
120 days
Standard payment terms
Our most frequently used standard term is 30 days
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
120 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
ur Accounts Payable team can dispute or reject invoices when they are deemed to not be compliant. Reasons for disputes are subject to, but not conclusive of, incorrect VAT information, incorrect billing information, or if quantities are different to what has been received or approved at the PO stage. If an invoice goes into query then accounts payable will relay this to the applicable buyer to resolve with the supplier. There is a running query list that Accounts Payable review and publish internally to ensure that invoices are resolved accordingly. If an invoice is overdue for payment, then the supplier will be expected to reach to our accounts payable division, at accountspayableuk@abaco.com. This can be escalated to the Global Accounts Payable Manager. The accounts payable team, and all payment runs, are dealt with by the US parent company, Abaco Systems Inc.
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