| 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 Jan 2019 - 30 Jun 2019 | 30 Jul 2019 | 49 | 37% | 35% | 27% | 71% |
| 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 an active private limited company, incorporated on 21 January 1986, based in the East Midlands region. Registered business activity: Other information technology service activities.
From Companies House records.