KPMG UNITED KINGDOM PLC

Company number: 03513178

Reporting period:
1 April 2018 to 30 September 2018

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This report was filed on 24 October 2018

and approved by Paul Long

Payment statistics

Average time taken to pay invoices: 56 days

Invoices paid:

• within 30 days: 36%
• in 31 to 60 days: 40%
• in 61 days or more: 24%

Invoices due but not paid within agreed terms: 34%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

60 days

Standard payment terms

KPMG’s standard payment terms state that payment of third party invoices for goods and services will be made within 60 days of receipt of a correct, undisputed and properly due VAT invoice, unless otherwise agreed in writing by a duly authorised representative. In line with KPMG’s corporate values, where the supplier is deemed to be a Small or Medium sized Entity (SME) the Standard payment terms are reduced to 30 days from receipt of a correct, undisputed and properly due VAT invoice, unless otherwise agreed in writing by a duly authorised representative. The criteria for 30 days payments is where: • the supplier is an independent entity and their turnover does not exceed £50m per annum, and/or • 80% or more of the supplier spend is pass through of labour costs The Standard payment terms in respect of other KPMG Member Firms is 60 days from receipt of a correct, undisputed and properly due VAT invoice, unless otherwise agreed in writing by a duly authorised representative

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

KPMG International offices payment terms changed to 45 days

Were suppliers notified or consulted about these changes before they were made?

Changes were communicated to KPMG international offices from our Inter-Office Credit Management Team.

Maximum contractual payment period agreed

60 days

No further comment provided

Any other information about payment terms

N/A

Dispute resolution process

KPMG’s core values include being committed to our communities and acting with integrity. We therefore endeavour to resolve all disputes in a fair and timely manner. Disputes are resolved by discussion and agreement with a supplier and are typically managed by the dedicated accounts payable team.

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, this business has signed up to: 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.

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