VOLAC INTERNATIONAL LIMITED
Company number: 02576295
Reporting period:
1 January 2023
to 30 June 2023
This report was filed on 25 July 2023
and approved by David Neville
Payment statistics
Average time taken to pay invoices: 58 days
Invoices paid:
- within 30 days: 5%
- in 31 to 60 days: 62%
- in 61 days or more: 33%
Invoices due but not paid within agreed terms: 94 %
Payment terms
Shortest standard payment period
45 days
Longest standard payment period
90 days
Standard payment terms
Unless otherwise agreed in writing or stated in the order, goods and services will be paid for within 30 days after the end of the month of receipt of a proper invoice, or if later, after the acceptance of the goods & services in question
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
Any other information about payment terms
N/A
Dispute resolution process
Payment processing is dealt with by the Accounts Payable function and any supplier payment queries that may arise are actioned by the team. In the event they are unable to resolve the matter, the query will be discussed between the supplier and the procurement account manager. Where the issue can't be resolved the dispute with be escalated to the Head of Supply Chain
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