Published reports

BAKER HUGHES LIMITED

Company number: 01388658

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

Reporting period:

1 January 2020 to 30 June 2020

Report filed on:

31 July 2020

Approved by:

Blair McLeish

Payment statistics

Average time taken to pay invoices: 54 days

Invoices paid:

within 30 days: 25%
in 31 to 60 days: 38%
in 61 days or more: 37%

Late and disputed:

payments due in the reporting period which have not been paid within the agreed period: 76%

Payment terms

Shortest standard payment periods

60 days

Longest standard payment period

120 days

Standard payment terms

Standard payment terms used by Baker Hughes Limited are 120 days, calculated from the date of reception of the invoice.

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

120 days

No further comment provided

Any other information about payment terms

The 76 % reported as invoices due not paid within agreed terms includes 36% in respect of invoices that have been set up in the ledger with 0 days payment terms to allow these invoices to be paid on the next available payment run. These invoices therefore distort the reported figure as they are included as not being paid within agreed terms. The terms are set at 0 following management’s decision to pay these invoices on the next available payment run – the average time taken to pay these invoices is 27 days.

Dispute resolution process

Complaints from suppliers about payment should be submitted to APServices@BakerHughes.com, where the dedicated team will manage the disputes ensuring they are resolved by discussion and agreement with the supplier. In addition, Baker Hughes Vendor Portal enables companies who supply Baker Hughes with goods or services to view invoice status over the internet, upon registration. This provides suppliers with the flexibility to securely check the status of invoices and remittance advice in the Baker Hughes accounting system anytime.

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.

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?