GOV.UK
KUEHNE + NAGEL LIMITED
Company number: 01722216
Reporting period:
1 July 2023
to 31 December 2023
This report was filed on 30 January 2024
and approved by Allison Best
Payment statistics
Average time taken to pay invoices: 40 days
Invoices paid:
- within 30 days: 46%
- in 31 to 60 days: 41%
- in 61 days or more: 13%
Invoices due but not paid within agreed terms: 26 %
Payment terms
Standard payment period for qualifying contracts
60 days
Standard payment terms
Invoice date +60days, Government contracts invoice date +30 days.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Any other information about payment terms
N/A
Dispute resolution process
- Incorrect Supplier Invoicing: communication to Suppliers re-enforcing the invoicing requirements to reduce disputes and ensure invoices are approved first time. Focused working group sessions with key suppliers to address and feedback via supplier statement reconciliations.
- Paper Invoices: To remove the risk of paper-based invoices being lost when submitted by suppliers, KN UK are working towards achieving a target of 90% of all UK invoices to be submitted via an e-invoice (Tradeshift platform) Each month a review is conducted on those paper-based supplier invoices received and these are then targeted by a dedicated KN resource to transfer to a digital format. Success has seen May 2023 hit an all all-time high of 85.2% up from Aug 2022 result of 78.6%.
- Staff To ensure the correct level of focus and rigour is applied to the successful delivery of the prompt payment practice there have been several key appointments in late 2022 and early 2023.
o UK Working capital manager – August 2022.
o Accounts Payable (AP) Manager commenced 6th March 2023 to manage the UK AP Team.
o Finance Assistant commenced 12th June 2023 to assist with ensuring invoices are paid on time, queries and disputes are resolved in a timely manner.
o Finance & Compliance Manager commenced 1st March 2023.
o Compliance Account Support role commenced 4th Sept 2023, both roles will be responsible for looking into Blocked/Disputed invoices. Finding root causes of the issues, looking at trends (creation of a monthly dashboard enabling management by exception) and resolving issues on purchase order numbers.
The AP manager and finance assistant will create and provide branch training and support to elevate the operational colleague’s awareness to resolve invoices and handle queries in a timely manner to avoid delays to payment. As the responsibility to resolve queries sits with the operational colleagues based within the branch network.
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
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