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Aim

Knights Brown is committed to paying its supply chain partners on time and within agreed payment terms. It is our aim to meet the Prompt Payment Code’s target that not less than 95% of all supply chain invoices are paid within 60 days.

Current performance

Our recent payment performance is improving. We currently pay 78% of all supply chain invoices within 60 days and 72% of all invoices within terms. We have identified two primary causes of failure to pay within 60 days and one primary cause of failure to pay within terms:

Primary cause

Impacts on ability to pay within 60 days

Impacts on ability to pay within terms

 

A number of suppliers have agreed payment terms that can exceed 60 days

 

Yes

No

 

There is a high frequency of invoice queries

 

Yes

Yes

Action plan for improvement

The following actions have been identified to address the identified primary causes. Progress on these actions with be reviewed fortnightly by the finance director. Payment performance statistics will be reported to the board of directors each month.

Planned action

Responsible

Impacts on ability to pay within 60 days

Impacts on ability to pay within terms

 

Revise payment terms with suppliers where the current terms can exceed 60 days

 

Finance/ Buying

Yes

No

 

Request proof of delivery to be attached to invoices to reduce the number of invoice queries

 

Finance

Yes

Yes

 

Improve internal communication of invoice queries to speed up resolution

 

IT/Finance

Yes

Yes

 

Improve communication of invoice queries with suppliers to speed up resolution

 

Finance

Yes

Yes

 

Philip Crozier | Finance Director

September 2020