INTUIT LIMITED
Company number: 02679414
Reporting period:
1 August 2024 to 31 January 2025
Report filed on:
23 April 2025
Approved by:
Gavin Buckley
Payment statistics
Average time taken to pay invoices: 26 days
Invoices paid:
- within 30 days: 58%
- in 31 to 60 days: 39%
- in 61 days or more: 3%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 29%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
60 days
Standard payment terms
Intuit’s standard payment terms are Net 45 days globally, based on receipt of a correct and conforming invoice (unless different payment terms have been specified with the supplier). In accordance with the Fair Payment Code, Intuit recently updated standard payment terms in the UK to Net 30 days. Prior to updating our payment terms, Intuit paid 90% of its invoices within 45 days. We require all invoices to include a valid purchase order number, include a description of the goods supplied (including quantity and unit prices) and/or services provided, be addressed to the correct Intuit entity, and be sent to the correct Accounts Payable mailbox. All invoices must be compliant with regional sales tax/VAT requirements. Payment is contingent upon delivery by supplier of conforming goods or satisfactory completion of services which shall be at Intuit’s sole discretion.
Were there any changes to the standard payment terms in the reporting period?
Yes, updated from Net 45 to Net 30.
Were suppliers notified or consulted about these changes before they were made?
Supplier payment terms are agreed upon individually per contractual agreements and purchase order terms & conditions. Thus, the terms were mutually decided and acknowledged in advance.
Maximum contractual payment period agreed
60 days
Currently in the process of standardizing all payment terms to Net 30.
Any other information about payment terms
No further comment provided
Dispute resolution process
Intuit’s Accounts Payable team works with the supplier to resolve disputes. Unresolved disputes are escalated to the business owner and procurement team to partner with the supplier to ensure fair and efficient resolution.
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.
Yes, this business has signed up to: The Fair Payment Code (FPC)
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