GOV.UK
BIOMET UK LIMITED
Company number: 01019715
Reporting period:
1 January 2018
to 30 June 2018
This report was filed on 26 July 2018
and approved by Francien Muetstege
Payment statistics
Average time taken to pay invoices: 55 days
Invoices paid:
- within 30 days: 22%
- in 31 to 60 days: 49%
- in 61 days or more: 29%
Invoices due but not paid within agreed terms: 44 %
Payment terms
Shortest standard payment period
10 days
Longest standard payment period
75 days
Standard payment terms
Our most frequently used payment terms is 60 days. We do offer different terms and these can be as low as 10 days is a discount is offered
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
75 days
Any other information about payment terms
N/A
Dispute resolution process
If they do not approve the invoice, then the supplier will need to be contacted and the price discrepancy disputed with them.
To confirm, a supplier can contact us in a number of ways – statements of the account, e-mails and telephone calls.
Our 1st job will be to check that the actual invoice has been received and scanned into the system. If not then a copy will need to be requested.
If the invoice is scanned in and relates to a non-PO based account then we need to make sure that it has been correctly coded and sent to the correct designated employees who can approve the invoices. If the invoice has not been approved, then a chase e-mail should be sent to that employee advising that the company has been in contact chasing payment and the invoice is overdue, and that they need to action the invoice asap.
If the invoice relates to a PO, then we need to make sure that the PO is booked in, and the quantity and prices match. If there are any discrepancies then these need to be checked with the requisitioner of the order, or the Stores and Purchasing. Once the issues have been resolved, the invoice should be able to be processed or released for payment.
If the issues have not been resolved then the supplier should be advised asap of the quantity or price discrepancies.
Currently the AP Team runs weekly reports to highlight those employees who are holding up the processing and payment of invoices. Based on this report, e-mails are sent to them asking them to action the invoices asap. If the issues are not resolved, or they do not respond to the AP Team, then the matter should be escalated and a further chase e-mail sent, and the Manager of that employee should also be cc’d in the mail, so they are also aware of the situation.
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