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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.

    Action plan for improvement

    In September 2020 we published an action plan for improvement. We 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

     

    The following actions were identified to address the identified primary causes. Progress on these actions is reviewed fortnightly by the finance director and payment performance statistics are 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

     

    Latest update | August 2021

    In the year since we first introduced our improvement plan, we have improved our payment performance significantly.

    We have moved from paying 78% of all supply chain invoices within 60 days to paying 88% of all supply chain invoices within 60 days.

    And we have moved from paying 72% of all invoices within terms to paying 75% of all invoices within terms.

    We are committed to seeing this improvement continue and will maintain our efforts in the coming months.

     

    Philip Crozier | Finance Director | 31 August 2021