SIEMENS FINANCIAL SERVICES LIMITED
Company number: 00646166
Reporting period:
1 April 2018 to 30 September 2018
Report filed on:
23 October 2018
Approved by:
James Murnieks
Payment statistics
Average time taken to pay invoices: 14 days
Invoices paid:
- within 30 days: 96%
- in 31 to 60 days: 2%
- in 61 days or more: 2%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 28%
Payment terms
Shortest standard payment periods
0 days
Longest standard payment period
60 days
Standard payment terms
The payment terms are assigned by the Business units on a case by case basis. Payment terms usage i
70% were Intercompany invoices cleared before end of month due net . Please note Intercompany clearing terms
are available to Siemens companies only and are cleared via cash pooling without transmission of money.
3rd party payment terms usage as follows :- due immediately 8% , due within 30 days 22%, Remainder less than
1% occurences included paid within 60 days.
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
1) Payment enquries will be routed to our AP team through customer services, relevant details are on Purchase
Orders. Tel: 01753 434126, Email: customer.sfs@siemens.com
2) AP liaise with supplier to obtain and process missing invoices (a) Check existing systems (scan provider/e-invoice provider/invoice process queue to see if invoice already in query and/or returned to suppler)
3) AP liaise with suppliers to confirm payment details (past and upcoming)
4) AP liaise with approvers to release overdue invoices for payment
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