CAMERON FLOW CONTROL TECHNOLOGY (UK) LIMITED
Company number: 08379585
Reporting period:
1 January 2022
to 30 June 2022
This report was filed on 15 July 2022
and approved by Giselle Varn
Payment statistics
Average time taken to pay invoices: 50 days
Invoices paid:
- within 30 days: 41%
- in 31 to 60 days: 41%
- in 61 days or more: 18%
Invoices due but not paid within agreed terms: 45 %
Payment terms
Shortest standard payment period
30 days
Longest standard payment period
70 days
Standard payment terms
Our company is part of the Schlumberger group of companies and based on its group policies and processes, there are a range of payment terms being followed depending on the suppliers and terms negotiated. In this reporting period, the most frequent payment terms are between 50-70 days.
Were there any changes to the standard payment terms in the reporting period?
Yes – Supply chain is routinely moving vendors to 50- 70 day for payment terms.
Were suppliers notified or consulted about these changes before they were made?
Yes – The suppliers were contacted via email and new contracts terms were agreed.
Maximum contractual payment period agreed
90 days
Any other information about payment terms
N/A
Dispute resolution process
3rd party: Although dispute resolution provisions are contained in most of our supplier contracts, our company seeks to resolve all supplier disputes amicably. In most cases, in the event of a supplier dispute, an email is sent to our central AP help desk and is prioritized by an AP business partner for resolution. Disputes are generally resolved within 4 to 7 working days. The AP business partner communicates with both parties (external and internal) in order to collate the required information to help resolve the dispute.
Intercompany : A large proportion of the supplier payments this company makes are intercompany payments. Any reconciliation differences are identified by the intercompany team, which are then directed to the Procurement department/Sales department/General Accounting team in the financial hub in order to be resolved. If necessary, disputes are escalated to the relevant finance controllers. The aim is to resolve the dispute by the next intercompany settlement date.
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.
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