PROTO LABS, LIMITED

Company number: 05366160

Reporting period:
1 July 2023 to 31 December 2023

This information is as reported by the business, and responses are in their own words.

This report was filed on 30 January 2024

and approved by Martyn Heard

Payment statistics

Average time taken to pay invoices: 54 days

Invoices paid:

within 30 days: 13%
in 31 to 60 days: 47%
in 61 days or more: 40%

Invoices due but not paid within agreed terms: 76%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

60 days

Standard payment terms

STANDARD TERMS ARE 30 DAYS END OF MONTH, 30 DAYS END OF MONTH 63% 60 DAYS END OF MONTH 16% NET 30 DAYS 14% OTHER 6%

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

30 days

THIS IS 30 DAYS END OF MONTH, SO LONGER DEPENDANT ON INVOICE DATE. EG, INVOICE DATE 07/07/2023 WILL NOT BE DUE UNTIL 30 DAYS, TO END OF MONTH = 31/08/2023

Any other information about payment terms

MAJORITY OF TERMS ARE END OF MONTH RATHER THAN NET DAYS OF INVOICE DATE

Dispute resolution process

INVOICES WHICH DO NOT MATCH THE PURCHASE ORDER RAISED ARE LOGGED ON A QUERY REGISTER BY THE PURCHASE LEDGER CLERK. DEPENDANT ON QUERY, THIS IS INVESTIGATED INTERNALLY FIRST TO CHECK PRICE DIFFERENCES AND QUANTITIES PURCHASED OR RECIEVED. IF WE ARE UNABLE TO RESOLVE INTERNALLY, WE PUSH THE INVOICE BACK TO THE SUPPLIER DETAILING THE DISPUTE FOR PROCESSING THIS COMMUNICATION IS LOGGED AND RECORDED IN THE QUERY REGISTER. THE QUERY REGISTER IS REVIEWED WEEKLY AND CHASED UP WHERE NECESSARY MAJORITY OF DISPUTES ARE CLEARED UP BEFORE THE MONTH END.

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.

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.

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?