GOV.UK
ABCAM PLC
Company number: 03509322
Reporting period:
1 January 2023
to 30 June 2023
This report was filed on 28 July 2023
and approved by Michael Baldock
Payment statistics
Average time taken to pay invoices: 33 days
Invoices paid:
- within 30 days: 61%
- in 31 to 60 days: 33%
- in 61 days or more: 6%
Invoices due but not paid within agreed terms: 41 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
90 days
Standard payment terms
Abcam is committed to paying all approved, undisputed expenditure promptly and within the agreed payment terms on receipt of a valid invoice.
Disputes are targeted to be responded to within 48 hours of receipt of the dispute with either an acknowledgement of receipt or a resolution.
Our most frequently used payment terms for qualifying contracts are 30 day terms.
Included in the data are large intercompany suppliers where the company flexes the intercompany payments based on the cash needs of the individual subsidiary and therefore may not be paid to terms. This can impact on the “PROPORTION OF INVOICES PAID BEYOND AGREED TERMS %” negatively.
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
All Procurement and Accounts Payable staff are trained and understand the importance of the timely and complete investigation through to resolution of disputes. Disputes are targeted to be responded to within 48 hours of receipt with either an acknowledgement of receipt or a resolution. Causes for dispute might include, but not limited to the following:
• Non-receipt of invoice
• Goods not received
• Delivered product/service not matching invoice
• Insufficient information
o Incorrect bill to address or company name
o Missing/Incorrect information (purchase order requirements)
o VAT requirements
o Change of details (i.e. new bank account)
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