GOV.UK
SIEMENS INDUSTRY SOFTWARE LIMITED
Company number: 03476850
Reporting period:
1 October 2019
to 31 March 2020
This report was filed on 28 April 2020
and approved by Darren MacAskill
Payment statistics
Average time taken to pay invoices: 14 days
Invoices paid:
- within 30 days: 82%
- in 31 to 60 days: 12%
- in 61 days or more: 6%
Invoices due but not paid within agreed terms: 11 %
Payment terms
Shortest standard payment period
0 days
Longest standard payment period
90 days
Standard payment terms
The payment terms are assigned by the Business units on a case by case basis:- Payment terms usage is as follows: 64% were only Intercompany clearing transactions due net end of the month (only available to Siemens intercompany), 12% within 60 days from document date, 14% Within 30 days from invoice received. 3% were paid immediately, 4% withing 90 days, 2% within 15 daysthe remainder of payment terms were less than 1% and range to max of 90 days. Please note Intercompany clearing terms are available to Siemens companies only and payment method for such terms results in clearing of such transactions without any transmission of money external to Siemens cash pool.
> KPI's excluding ICC clearing transactions ( i.e. Payments with money transmission only ) are restated as follows
Average days to pay : 37 days, Payment timing : 30 days 51% , 31-60 days 33%, 61 days & above 16%, Late invoices : 28%
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
90 days
90 Days is the standard term used for new projects and agreed on a case by case basis. Many customers are on 60 days payment terms until the contract will run out and then it's being reviewed.
Any other information about payment terms
During the period changes were made to payment terms for specific suppliers after consultation with suppliers.
No payments terms were used where no early settlement discounts were applied
Dispute resolution process
1) Central Accounts Payable (AP) team for payment enquiries, contact points via e-mail. Relevant details are on Purchase Orders, usually the address of the business unit. E-mail: cf-ap-payments.pt@siemens.com
2) AP liaise with supplier to obtain and process missing invoices
a) Check existing systems (scan provider - Brainware/invoice process queue to see if invoice already in query and/or rejected invoices - workflow EZ-Suite)
3) AP liaise with suppliers to confirm payment details (past and upcoming)
4) AP liaise with approvers to release overdue invoices for payment
5) AP team contact the vendor and try to solve the issue together with the business unit
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.
Yes
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