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KEYSIGHT TECHNOLOGIES UK LIMITED

Company number: 03809903

Reporting period:
1 May 2018 to 31 October 2018

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

This report was filed on 30 November 2018

and approved by Christopher Rennie

Payment statistics

Average time taken to pay invoices: 41 days

Invoices paid:

• within 30 days: 27%
• in 31 to 60 days: 60%
• in 61 days or more: 13%

Invoices due but not paid within agreed terms: 11 %

Payment terms

Shortest standard payment period

45 days

Longest standard payment period

70 days

Standard payment terms

Standard payment terms are 45 days.

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

No

Maximum contractual payment period agreed

70 days

This is for payments to entities within the Keysight group only.

Any other information about payment terms

N/A

Dispute resolution process

Keysight UK has robust internal financial controls over the Accounts Payable process, primarily based around a Purchase Order (PO) system, and all external supplier invoice(s) are generally paid within agreed payment terms after performing internal financial controls check.
However, in some limited cases, invoices are put on hold when they do not pass internal financials controls check such as:
-No PO in place for invoiced activity.
-Invoice value is greater than approved PO value.
-PO has expired or certain key terms don’t match between the invoice received and the PO, such as legal entity name, invoice currency etc.

There are cases where a supplier’s invoice is not received by the Accounts Payable team and a follow up query is received from supplier regarding payment. In such cases, the Accounts Payable team request an copy of the invoice from the supplier and process the payment after receipt of invoice.

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.

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