B. BRAUN MEDICAL LIMITED
Company number: 02296559
Reporting period:
1 July 2020 to 31 December 2020
Report filed on:
29 January 2021
Approved by:
Paul Skelton
Payment statistics
Average time taken to pay invoices: 37 days
Invoices paid:
- within 30 days: 33%
- in 31 to 60 days: 60%
- in 61 days or more: 7%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 67%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
60 days
Standard payment terms
We strive to make payment to our third party suppliers within 30 days. This is controlled via supplier master data held within our SAP system.
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
No further comment provided
Any other information about payment terms
Given that our business makes weekly BACS payment runs, there are a large volume of payments that are received by suppliers within 5 days of our 30 day target. Taking this factor into account, the percentage of invoices that were paid outside terms would reduce to below 30% in this reporting period. Our system records the date stated on the invoice, the "posted date" (ie the date the invoice is approved for payment) and the payment date . Our SAP system does not record the date the invoice is physically received. We have based our measurements on the stated invoice date and have therefore been prudent in this report. Since our last payment report, average days to pay have increased slightly by 2 days as a result of the ongoing challenges of remote working.
Dispute resolution process
Invoice queries are usually raised either on management review (via a web-based invoice approval portal), or due to discrepancies between invoices and our purchase order (system based control). In either case, or Accounts Payable/Purchasing teams will discuss with suppliers on a case by case basis to reach a resolution. There is no fixed timescale target, however a report of blocked invoices is reviewed weekly to identify issues that need to be escalated.
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, this business has not signed up to a code of conduct or standards on payment practices.
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