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GLAXOSMITHKLINE SERVICES UNLIMITED

Company number: 01047315

Reporting period:
1 January 2018 to 30 June 2018

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This information is as reported by the business, and responses are in their own words.

This report was filed on 30 July 2018

and approved by Simon Dingemans

Payment statistics

Average time taken to pay invoices: 79 days

Invoices paid:

• within 30 days: 3%
• in 31 to 60 days: 2%
• in 61 days or more: 95%

Invoices due but not paid within agreed terms: 11 %

Payment terms

Shortest standard payment period

0 days

Longest standard payment period

60 days

Standard payment terms

Qualifying contracts for this entity contain a number of different payment periods:

Immediate
30 days
60 days
45 days
30 days and 5th of the following month
60 days and 5th of the following month



Standard payment terms:

Payments are made from date of receipt of invoice.

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

60 days

60 days and 5th of the following month.

Any other information about payment terms

The following should be read in conjunction with the information reported:

1) Statistics reported:

Intercompany invoices and performance have been excluded from reported statistics as these are generally wholly owned group companies and would distort performance if included.

2) Payment terms for SMEs and ‘Paid on Time’ monitoring:

Preferential payment terms of 30 days following receipt of a compliant invoice are offered to those vendors that are confirmed as SMEs (Small and Medium Enterprises).

We closely monitor our KPIs on a weekly basis to ensure that vendors (including SMEs) are paid on time. Corrective actions are taken to remedy any late payment issues where these are within the entity’s control.

3) Prompt Payment Code:

GSK relies on our suppliers to enable us to do business, and we want our suppliers to know they can rely on us, too. To achieve this, we believe it is important for GSK to pay suppliers on time and according to agreed terms. GSK is committed to treating our suppliers fairly and is a signatory to the Prompt Payment Code.

GSK’s approach to payment practices also recognises the pressures faced particularly by small business and SMEs, and so we offer preferential 30-day payment terms for suppliers confirmed as SMEs. We will continue to seek to improve our payment performance for all suppliers in line with the Prompt Payment Code and will consider how we can best achieve this, in due course.

Dispute resolution process

We offer our suppliers the following support and service:

• Enquiries and complaints can be logged through our Helpdesk support system (mail or telephone). Issues are often related to incorrect invoice submission, payment terms are not as per contract, PO details are wrong / non-existent etc. Key performance metrics are monitored for quality of Helpdesk support.

• Our Supplier web pages also include details and a link to our Speak Up channels that enable concerns to be raised, including channels managed independently of GSK and the option to do so anonymously, although naturally it helps in resolving matters if we know as much as possible about the issue and complainant.

• We have invested in Customer Relationship Management (CRM) to ensure effective and independent supplier follow up and support to our suppliers raising issues.

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.

Yes – Prompt Payment Code

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.

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