KUEHNE + NAGEL LIMITED
Company number: 01722216
Reporting period:
1 January 2021 to 30 June 2021
Report filed on:
28 July 2021
Approved by:
Allison Best
Payment statistics
Average time taken to pay invoices: 37 days
Invoices paid:
- within 30 days: 40%
- in 31 to 60 days: 46%
- in 61 days or more: 14%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 26%
Payment terms
Shortest standard payment periods
90 days
Longest standard payment period
Answer not provided
Standard payment terms
Our standard payment terms are EOM + 90 days. However the majority of suppliers are on 60 days or less. Suppliers engaged on Public Sector contracts will have payment terms of invoice date + 30days.
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
90 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Our process is that where any invoice cannot be approved for payment we will notify the supplier by system generated e-mail, and place a payment hold on the invoice until satisfactorily resolved. Additionally our supplier invoice portal shows the invoice as disputed, and when we reconcile the suppliers statement we sent suppliers a 'Not OK to Pay' report that lists all disputed invoices as well as the status of other invoices not yet approved. In 2020 we set up a dedicated central function to pro-actively engage with suppliers in a timely manner to ensure they are aware of disputes and have the opportunity to resolve in order to achieve payment on time.
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.
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.
Yes
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