WESTERN ASSET MANAGEMENT COMPANY LIMITED
Company number: 02479672
Reporting period:
1 April 2018 to 30 September 2018
Report filed on:
10 October 2018
Approved by:
Michael B. Zelouf
Payment statistics
Average time taken to pay invoices: 21 days
Invoices paid:
- within 30 days: 91%
- in 31 to 60 days: 8%
- in 61 days or more: 1%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 39%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
Answer not provided
Standard payment terms
The most frequently used payment terms for the reporting period ended 30th September 2018 is 30 days in relation to the majority of Western Asset Management Company Limited's ("the Company') qualifying contracts. These represent good and services covering a broad range of the Company's regular operating expenses but excludes contracts for financial services in line with the reporting guidance. The next most frequently used payments terms for the current reporting period is 0 days as the Company received a number of invoices late and processed these as being immediately due.
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
60 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Invoices are routed to the relevant department for review and approval for payment. In the event of invoice discrepancies or queries, the relevant department will escalate the issue to the Accounts Payable department who will then follow up with the Accounts Receivable team or alternative contact at the supplying company. The supplying company should contact WAaccountspayable@westernasset.com for all invoice and payment related queries. We endeavour to resolve all queries as soon as possible and no later than 30 business days but acknowledge that on the rare occasion this may not be possible to meet due to the nature of each query and factors outside of our control. Once all queries have been resolved the invoice is then processed for approval and payment. For background, the Company uses a system to automatically route invoices for approval. The Accounts Payable department are located in Pasadena, USA and some invoices may require multiple approvers, in line with the Company’s operating expenditure limits.
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