DAC BEACHCROFT CLAIMS LIMITED

Company number: 04218278

Reporting period:
1 May 2023 to 31 October 2023

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This report was filed on 24 November 2023

and approved by James Morris

Payment statistics

Average time taken to pay invoices: 92 days

Invoices paid:

• within 30 days: 33%
• in 31 to 60 days: 22%
• in 61 days or more: 45%

Invoices due but not paid within agreed terms: 3%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

Answer not provided

Standard payment terms

The Firm/Company does not have standard payment terms with trade suppliers. The payment terms with trade suppliers range from 'due on receipt of invoice' to 60 days. The most frequently used payment term with trade suppliers in the reporting period is 30 days. The most frequently used payment terms and the range of payment terms have not changed during the reporting period. In addition to trade suppliers, the Firm/Company also incurs disbursements on behalf of its clients. Disbursements are amounts payable to third parties on behalf of the client and which are invoiced to the client in accordance with terms agreed by the client. With limited exceptions, the standard payment terms with suppliers for disbursements are 'pay when paid'. This means that the supplier is paid when the Firm/Company is in receipt of funds in respect of the disbursements. Once the Firm/Company is in receipt of funds for these disbursements the Solicitors Accounts Rules require that these payments be made within 2 days. The Firm/Company invariably comply with this requirement. A significant proportion of the Firm/Company payments in the period relate to disbursements which have a major impact on the reported statistics.

Were there any changes to the standard payment terms in the reporting period?

Answer not provided

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

60 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

It is initially established whether an invoice has been received. If this is not the case, a copy invoice is requested. If an invoice had already been received, it is then established if the invoice has been appropriately authorised and due for payment in accordance with the agreed payment terms. If this is the case, the payment is made. If this is not the case, the reasons are investigated internally and appropriate action taken. If the matter cannot be resolved it is referred to the Chief Financial Officer and the Practice Governance and Risk team.

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, 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