ABBEYFIELD SOCIETY (THE)
Company number: 00574816
Reporting period:
1 April 2018 to 30 September 2018
Report filed on:
26 October 2018
Approved by:
Nigel Hopkins
Payment statistics
Average time taken to pay invoices: 36 days
Invoices paid:
- within 30 days: 62%
- in 31 to 60 days: 29%
- in 61 days or more: 9%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 38%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
The Abbeyfield Society is currently implementing a standard payment term of 30 days, as part of its Purchase to Pay project, having previously aimed to pay any invoice as soon as it has been approved for payment.
(The Purchase to Pay process is currently intended for implementation during the early part of 2019.)
It is intended that this standard will be in place for all contracts and supplier arrangements unless any formal supplier contract specifies an alternative payment term. It is intended that this new payment standard will be in place by the end of this financial year.
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
30 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
The current process for suppliers to resolve disputes is as follows:
1. To discuss with the Receipts and Payments Manager. If no resolution –
2. To discuss with the relevant business manager/budget holder. If no resolution –
3. To discuss with the Finance Director.
There is currently no formal process for mediation from outside bodies. This is currently being investigated.
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