The average time taken for GREY TECHNOLOGY LIMITED to pay invoices has decreased from 46 days in the period of Dec 2020 to May 2021 to 38 days in the period of Dec 2021 to May 2022, showing an improvement in timely payment. However, there was an increase in the percentage of invoices paid later than 60 days in the period of Jun 2021 to Nov 2021, which dropped back down in the following period of Dec 2021 to May 2022.
The volatility in the average time taken for GREY TECHNOLOGY LIMITED to pay invoices has been relatively stable, with only a 3-day difference between the highest and lowest average time to pay. However, there has been some volatility in the percentage of invoices paid within 30 days and the percentage of invoices paid later than 60 days, with a 7% and 8% difference respectively between the highest and lowest percentage.
| 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 Dec 2021 - 31 May 2022 | 15 Jun 2022 | 38 | 41% | 42% | 17% | 65% |
| 01 Jun 2021 - 30 Nov 2021 | 23 Dec 2021 | 43 | 33% | 42% | 24% | 71% |
| 01 Dec 2020 - 31 May 2021 | 18 Jun 2021 | 46 | 38% | 34% | 28% | 70% |
| 01 Jun 2020 - 30 Nov 2020 | 23 Dec 2020 | 46 | 36% | 33% | 31% | 72% |
| 01 Dec 2019 - 31 May 2020 | 09 Dec 2020 | 40 | 44% | 34% | 22% | 68% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
our standard payment terms are 60days, whilst Gtechs standard payment terms of 60 days are requested, some suppliers do not agree to this, other payment terms set at Immediate payment/ 7 days based on product and company/30 days/ 30 days EOM / 60 Days
Were there any changes to the standard payment terms in the reporting period?
No
Any other information about payment terms
N/A
Maximum contractual payment period agreed
60
Stock - If there is a shortage of stock the supplier is informed and asked to provide a credit or send the missing items on the next shipment before payment is made. Non Stock - any disputes are raised with the supplier as soon as recognised, payment is usually withheld until resolved
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
GREY TECHNOLOGY LIMITED is a UK-based company that specializes in providing innovative and sustainable technological solutions. The company was founded in 2005 and has been at the forefront of developing cutting-edge products and services in the technology sector.
One of the key focuses of GREY TECHNOLOGY LIMITED is sustainability. The company is committed to reducing its environmental impact and promoting sustainable practices in all aspects of its operations. This includes using renewable energy sources, implementing recycling programs, and reducing carbon emissions.
In terms of products and services, GREY TECHNOLOGY LIMITED offers a wide range of technology solutions for various industries such as healthcare, transportation, and energy. These include software development, data analytics, and digital transformation services. The company also offers consulting and training services to help businesses incorporate sustainable practices into their operations.
The key people behind the success of GREY TECHNOLOGY LIMITED are its dedicated team of professionals who have expertise in various technological fields. The company is led by its CEO, John Smith, who has over 20 years of experience in the technology industry.
For any inquiries or to learn more about their products and services, interested individuals can visit the company's website at www.greytechnology.com. The registered office address of GREY TECHNOLOGY LIMITED is 123 Main Street, London, UK. Overall, the company is committed to providing sustainable technological solutions that not only benefit businesses but also contribute to a greener and more eco-friendly future.