Company number: 00727817
and approved by ANGELA NOON
Average time taken to pay invoices: 28 days
Invoices paid:
Invoices due but not paid within agreed terms: 20%
0 days
120 days
The payment terms are assigned by the Business units on a case by case basis. Payment terms usage Intercompany clearing transactions paid immediately in the month following the month of invoice receipt 56%.. Note Intercompany clearing terms are available to Siemens companies only and are cleared via cash pooling without transmission of money outside of Siemens cash pool. 3rd party payment terms usage : Payable immediately 2%,Payable in 30 days 7%, Payable in 45 days 1%, Payable in 60 days 19%, Payable in 90 days 10%, Payable in 96 days 2%. Remainder of transactions with payments terms of less than 1% occurrence.. 120 days is the longest payment term in use and has an occurrence less than 1% of total transactions > KPI's excluding ICC clearing) are stated as follows: Average days to pay : 59 days ,Payment timing 0-30 days 21%,31-60 days 27%,61 days plus 52% Late invoices : 37%
During the period changes were made to payment terms for specific suppliers after consultation with suppliers.
This was done verbally and also in writing.
120 days
120 Days is the standard term used for projects with a long term and agreed on a case by case basis . Includes Foreign suppliers with payments in Letters of Credits etc.
Early settlement discounts are applied as agreed with the suppliers and range from 1% to 3% based upon the timing of payments. During the reporting period at least 1% of the overall transactions showed pre-agreed discounts with the suppliers.
1) Central Accounts Payable (AP) team for payment enquiries, contact points via phone/e-mail/supplier portal. Relevant details are on Purchase Orders. A) Tel: 0845 602 6873 b) E-mail apsupport-gbandi.in@siemens.com 2) AP liaise with supplier to obtain and process missing invoices a) Check existing systems (scan provider/e-invoice provider/invoice process queue to see if invoice already in query and/or returned to suppler) 3) AP liaise with suppliers to confirm payment details (past and upcoming) 4) AP liaise with approves to release overdue invoices for payment 5) Special team deals with ‘final demand’ cases and legal notices
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
Yes
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.
Yes
No
No