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SYNNOVIS ANALYTICS LLP

Company number: OC392043

Reporting period:
1 July 2023 to 31 December 2023

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This information is as reported by the business, and responses are in their own words.

This report was filed on 30 January 2024

and approved by Jamie Blackman

Payment statistics

Average time taken to pay invoices: 167 days

Invoices paid:

• within 30 days: 54%
• in 31 to 60 days: 11%
• in 61 days or more: 35%

Invoices due but not paid within agreed terms: 46 %

Payment terms

Shortest standard payment period

7 days

Longest standard payment period

60 days

Standard payment terms

30 days from receipt of invoice.

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

No

Maximum contractual payment period agreed

60 days

Any other information about payment terms

Synnovis Analytics makes payments to its suppliers via a shared service centre (SSC). The SSC contract is managed by Synnovis, but the staff are not under Synnovis control.

From July 2023 to December 2023, we can see that the average time to pay invoices has generally stabilised and there has been a reasonable improvement compared with the prior period of reporting, particularly for older invoices.

Dispute resolution process

Synnovis Analytics dispute policy has the following steps:
1. Make contact with the supplier and ask for an updated statement and copy of all outstanding invoices. Where needed we have telephone conferences or face-to-face meetings to resolve complex issues.
2. Reconcile the statement and provide an update to supplier on the status of each invoice so they know where the invoice is in the approval and payment process.
3. Resolve any queries or blocked invoices and ensure invoices are free for payment.
4. Make payment of invoices and send remittance to supplier.

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