BMO CAPITAL MARKETS LIMITED
Company number: 02928224
Reporting period:
1 November 2020 to 30 April 2021
Report filed on:
21 May 2021
Approved by:
Scott Matthews
Payment statistics
Average time taken to pay invoices: 42 days
Invoices paid:
- within 30 days: 54%
- in 31 to 60 days: 26%
- in 61 days or more: 20%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 46%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
We pay invoices within 30 days of receipt
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
30 days
No further comment provided
Any other information about payment terms
With our payment term remaining unchanged our average time taken to pay invoices decreased by 4 days compared to the second half of the last fiscal year. We have been working from home for over a year now and have adjusted our processes to cope with the new way of working however it is still taking certain creditors longer than usual to get invoices to us. We will continue to work with them to reduce this time and ultimately reduce the average time taken to pay invoices.
Dispute resolution process
With regards to any dispute the accounts payable team will firstly engage with the internal business units to confirm facts and then liaise with suppliers to request copy of invoices, supplier statement and any other information needed. Disputes are resolved by discussion and agreement with the supplier.
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 Fair 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