GOV.UK
SYNNOVIS ANALYTICS LLP
Company number: OC392043
Reporting period:
1 January 2024
to 30 June 2024
This report was filed on 29 July 2024
and approved by Jamie Blackman
Payment statistics
Average time taken to pay invoices: 128 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: 45 %
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.
Synnovis suffered a cyberattack on 3rd June 2024 which has resulted in limited ability to process invoices received from this date and make payment on them. The 2024 H1 statistics do not include invoices received from 3rd June due to the inability to process them. 2024 H2 statistics will be affected by the cyberattack.
Dispute resolution process
The Synnovis Analytics dispute policy has the following steps:
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.
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.
Resolve any queries or blocked invoices and ensure invoices are free for payment.
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