ABCAM PLC
Company number: 03509322
Reporting period:
1 July 2018 to 31 December 2018
Report filed on:
18 January 2019
Approved by:
Gavin Wood
Payment statistics
Average time taken to pay invoices: 36 days
Invoices paid:
- within 30 days: 76%
- in 31 to 60 days: 15%
- in 61 days or more: 9%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 26%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
90 days
Standard payment terms
Abcam is committed to paying all approved, undisputed expenditure promptly and within the agreed payment terms on receipt of a valid invoice. Disputes are targeted to be responded to within 24 hours of receipt of an invoice with either an acknowledgement of receipt or a resolution.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
90 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
All Accounts Payable staff are trained and understand the importance of the timely and complete investigation through to resolution of disputes. Causes for dispute might include, but not limited to the following: • Non-receipt of invoice • Goods not received • Delivered product/service not matching invoice • Insufficient information o Incorrect bill to address or company name o Missing/Incorrect information (purchase order requirements) o VAT requirements o Change of details (i.e. new bank account)
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.
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.
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