Daisy It Managed Services Limited paid suppliers in 37 days on average — inside its 60-day stated terms

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.

Dispute resolution

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 information

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.