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SYNNOVIS SERVICES LLP
Company number: OC392044
Reporting period:
1 July 2022
to 31 December 2022
This report was filed on 30 January 2023
and approved by Jamie Blackman
Payment statistics
Average time taken to pay invoices: 26 days
Invoices paid:
- within 30 days: 82%
- in 31 to 60 days: 7%
- in 61 days or more: 11%
Invoices due but not paid within agreed terms: 18 %
Payment terms
Shortest standard payment period
7 days
Longest standard payment period
60 days
Standard payment terms
30 days from receipt of invoice
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Any other information about payment terms
Synnovis Services makes payments to its suppliers via a shared service centre (SSC). The SSC contract is managed by Synnovis, but the staff are not under Synnovis control.
From July 2022 to December 2022 we can see that there has been decrease in the percentage of invoices due but not paid to terms from the prior reporting period, with due but not paid decreasing from 32% to 18%.
NB in October 2022, Synnovis Services LLP changed its name to Synnovis Services LLP and registered the name change at Companies House. Future reports will be submitted in the name of Synnovis Services LLP.
Dispute resolution process
Synnovis Services dispute policy is as follows:
1. Make contact with the supplier and ask for an updated statement and copy of all outstanding invoices. Where needed we have telephone conferences or face-to-face meetings to resolve complex issues.
2. Reconcile the statement and provide an update to supplier on the status of each invoice so they know where the invoice is in the approval and payment process.
3. Resolve any queries or blocked invoices and ensure invoices are free for payment.
4. Make payment of invoices and send remittance to 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 Prompt Payment Code must commit to paying 95% of their invoices within 60 days.No
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?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No