DAISY IT MANAGED SERVICES LIMITED

Company number: 01983540

Reporting period:
1 October 2018 to 31 December 2018

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

This report was filed on 13 May 2019

and approved by Paul Worthington

Payment statistics

Average time taken to pay invoices: 37 days

Invoices paid:

within 30 days: 38%
in 31 to 60 days: 45%
in 61 days or more: 17%

Invoices due but not paid within agreed terms: 61%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

60 days

Standard payment terms

On 31 December 2018 Daisy IT Managed Services was hived up into Daisy Corporate Services Ltd, into which its payment performance is now consolidated. The Company’s standard contractual payment terms for all qualifying contracts are 60 days after end of month in which invoice dated, however, specific terms can be negotiated and agreed with a supplier. The agreed payment terms are reflected in our contractual documentation and accounting system. There were no changes to standard payment terms in the reporting period.

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

Invoices paid late percentage reduces to 42% taking account of payments paid on the next payment run following due date, which is a maximum of 15 days on a bi monthly payment cycle. There are number of reasons why remaining payments are delayed including for example suppliers sending invoices late, internal approvals, suppliers quoted invalid purchase order numbers, and disputes.

Dispute resolution process

Supplier invoices are processed and passed to business approvers who can approve or reject an invoice. In the event of a dispute, it is logged with the supplier via email or on their portal wherever applicable. The supplier and the relevant Daisy authorised person work towards dispute resolution. If the dispute is ruled in favour of Daisy, a credit note may be issued by the supplier. In case the dispute remains unresolved within a reasonable period, the supplier can contact the relevant Daisy business contact or that from the Daisy Corporate Services Procurement 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.

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.

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?