GOV.UK
BIOMET UK LIMITED
Company number: 01019715
Reporting period:
1 January 2019
to 30 June 2019
This report was filed on 24 July 2019
and approved by Stewart Richards
Payment statistics
Average time taken to pay invoices: 48 days
Invoices paid:
- within 30 days: 34%
- in 31 to 60 days: 52%
- in 61 days or more: 14%
Invoices due but not paid within agreed terms: 18 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
75 days
Standard payment terms
60 days from date of invoice
3% discount if paid within 15 days otherwise in full within 75 days.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
75 days
60 days from date of invoice
3% discount if paid within 15 days otherwise in full within 75 days.
Any other information about payment terms
N/A
Dispute resolution process
If we have an invoice that is linked to PO that has not yet been processed and paid, then we need to investigate as to why?
If, when the AP Team try and process the invoice against the PO, and it has been found that the PO has not been booked in, then the invoice needs to be sent to the person that raised the order, asking them to arrange for the PO to be booked in, only if they have received the goods, or the service has been completed. Once the PO has been booked in, then the AP Team can process the invoice for payment.
If the PO is booked in, but there is a quantity issue such as an under booking, then this will also need to be queried with the person/department that raised the PO. If the PO relates to a non-stock order then the invoice will need to be sent to the requisitioner of the PO to query the quantity discrepancy.
If the PO is for stock orders then these will need to be queried with the stores and the Purchasing department.
Once the quantity issue is resolved then the invoice can be processed for payment.
If the issue is not resolved though and the amount that has been booked in, is the amount that we have received, then we will need to contact the supplier and dispute the invoice with them, and advise them of the discrepancy.
Is there a price discprenacy with order and SAP has blocked it for payment? If the PO has been raised at a lower amount that the invoice is charging, then this will need to be queried.
If it is for a stock order, then SAP will automatically direct the invoice to the buyer in Purchasing that “owns” the part. SAP will send the invoice to the buyer where it will identify the price on the PO and the invoice. The buyer will either approve the price difference, as we may be holding outdated prices in the system. Once they approve the price query on the invoice, the AP Team need to send the system generated document number (5199……..) to Kathryn Bates, as she will then release the payment block on the invoice.
If the buyer does not approve the invoice and disputes the price with the supplier, they will normally request a credit note from the supplier. When the credit note is received, scanned in and processed, then this posting of the credit should then automatically release the payment block on the invoice, and the invoice and credit should be paid/taken in the same payment proposal.
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 Prompt Payment Code must commit to paying 95% of their invoices within 60 days.No
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.
No
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