| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jul 2018 - 31 Dec 2018 | 29 Jan 2019 | 51 | 49% | 20% | 31% | 77% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Payment shall be made within 60 days of receipt of a valid invoice
Were there any changes to the standard payment terms in the reporting period?
Standard payment terms were improved for suppliers so that “payment shall be made within 60 days of receipt of a valid invoice”. Previously this was “Payment shall be made at the end of the second month following the date on which goods are correctly invoiced and accepted”.
Any other information about payment terms
Invoices are paid in line with contracted terms. Payment terms range from immediate payment up to 90 days from date of invoice. 71% of invoices not paid within agreed terms equates to 569 invoices. 327 of these are items due within 30 days that on average took 39 days to pay.
Maximum contractual payment period agreed
90
Disputed invoices are either emailed or posted back to the supplier and also a notification is sent to the Atos requestor. Email atos.ap.eu@mailuk.custhelp.com. The full Escalation & Dispute Resolution process is contained within section 34 of Supplier Contracts.
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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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.
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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.
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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?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
TIMICO MANAGED SERVICES LIMITED is a UK-based company that specializes in providing IT managed services to businesses across different industries. The company was founded in 2004 and has since become a leading provider of managed IT solutions.
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The company offers a range of products and services including cloud hosting, cybersecurity, unified communications, and connectivity solutions. They also provide 24/7 IT support to their clients, ensuring smooth and efficient operations.
The key people behind TIMICO MANAGED SERVICES LIMITED are CEO, Ben Marnham and Managing Director, Paul North. Their team of experienced IT professionals is dedicated to delivering high-quality services and solutions to their clients.
For more information about their services and solutions, customers can visit their website at www.timico.com. The registered office address of TIMICO MANAGED SERVICES LIMITED is at Timico House, Fairlawns, Newark, Nottinghamshire, NG24 1UE. Customers can also contact them via email at info@timico.co.uk or by calling their customer service hotline at 0330 094 5000.
In conclusion, TIMICO MANAGED SERVICES LIMITED is a reputable company that offers sustainable IT solutions to businesses. With their wide range of products and services and a dedicated team of professionals, they continue to be a trusted partner for businesses looking to enhance their IT capabilities.