BARBON INSURANCE GROUP LIMITED
Company number: 03135797
Reporting period:
1 January 2023
to 30 June 2023
This report was filed on 14 July 2023
and approved by Ian Haldenby
Payment statistics
Average time taken to pay invoices: 23 days
Invoices paid:
- within 30 days: 75%
- in 31 to 60 days: 24%
- in 61 days or more: 0%
Invoices due but not paid within agreed terms: 44 %
Payment terms
Standard payment period for qualifying contracts
30 days
Standard payment terms
Where possible, Barbon always look to adhere to any payment terms specified on supplier's invoices. When invoices do not specify, we apply our standard terms which are 30 days from the date the invoice was received.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
30 days
Any other information about payment terms
N/A
Dispute resolution process
Invoices are processed onto the general ledger system, these are then sent for approval using a workflow. If an invoice is queried, it is rejected by the approver with the reason for rejection. The supplier is then contacted by the AP team or by the approver and then once corrected it is re-submitted for approval.
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.
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