SIEMENS INDUSTRY SOFTWARE COMPUTATIONAL DYNAMICS LIMITED
Company number: 02180851
Reporting period:
1 October 2022 to
31 March 2023
This report was filed on 28 April 2023
and approved by Oliver Lewis
Payment statistics
Average time taken to pay invoices: 1 days
Invoices paid:
- within 30 days: 98%
- in 31 to 60 days: 2%
Invoices due but not paid within agreed terms: 52%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
1 days
Standard payment terms
The payment terms are assigned by the Business units on a case by case basis:- Payment terms usage is as follows: 100% were only Intercompany clearing transactions due net end of the month (only available to Siemens intercompany),. Please note Intercompany clearing terms are available to Siemens companies only and payment method for such terms results in clearing of such transactions without any transmission of money external to Siemens cash pool.
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
0 days
90 Days is the standard term used for new projects and agreed on a case by case basis. Many customers are on 60 days payment terms until the contract will run out and then it's being reviewed.
Any other information about payment terms
During the period changes were made to payment terms for specific suppliers after consultation with suppliers. No payments terms were used where no early settlement discounts were applied
Dispute resolution process
1) Central Accounts Payable (AP) team for payment enquiries, contact points via e-mail. Relevant details are on Purchase Orders, usually the address of the business unit. E-mail: cf-ap-payments.pt@siemens.com 2) AP liaise with supplier to obtain and process missing invoices a) Check existing systems (scan provider - Brainware/invoice process queue to see if invoice already in query and/or rejected invoices - workflow EZ-Suite) 3) AP liaise with suppliers to confirm payment details (past and upcoming) 4) AP liaise with approvers to release overdue invoices for payment 5) AP team contact the vendor and try to solve the issue together with the business unit
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.
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