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Prompt Payment Commitment Plan

boxxe are committed to working with our suppliers to ensure payments are made on time and are a proud signatory to the Prompt Payment Code. Our dedicated Supplier Management Team, Account Managers and Accounts Payable Team work closely with suppliers to ensure that whenever possible, payments can be made on time or before they are due. We aim to:

 

  • Pay suppliers on time, within agreed terms;

  • Give clear guidance to suppliers on terms, dispute resolution and prompt notification of late payment; and

  • Support good practice through our supply chain by encouraging adoption of the code.

How did we perform against our commitment in 2022?

 
Reported results: 
 
  • Reporting period: 1 January 2022 to 30 June 2022:  92% paid in 60 days or less
  • Reporting period: 1 July 2022 to 31 December 2022:  97% paid in 60 days or less
  • Average in last 12 months 95% paid in 60 days or less 
In H1 of 2022, 1% of invoices were paid outside of contractual terms, this increased slightly to 2% in H2 of 2022.  This was predominantly down to missing information or migration to a new platform.
 
We were pleased to see in H2 payments made within 60 days were up to 97% and overall in the 12 months of 2022, 95% of invoices were paid on time.
 

Actions to be taken to improve payment to suppliers

Below are the actions boxxe will pursue to ensure payments can be even better:

  • Increased level of engagement by our Supplier Management Team with new suppliers, including highlighting payment terms and invoicing requirements.
  • Microsoft Operations Team to actively engage with customers to set up POs for Microsoft Azure billing to facilitate prompt payment.  
  • Increased alerts added to our ERP system to ensure that payments are made in accordance with contractual terms. 

Commitment and reporting

 

The finance section of the Board Pack which is presented at the monthly Board meetings by the Chief Financial Officer has been updated to include the following payment analysis:

  • Average time taken to pay invoices
  • Invoices paid within 30, 31-60 and in 61 days or more
  • Invoices due but not paid within agreed terms
With actions and explanations included for any payments made outside of 60 days or outside of their contractual terms and progress updates on identified issues.
 
The Prompt Payment Commitment Plan has been reviewed and is approved by the Board of Directors of Boxxe Limited.
 
Signed on behalf of Boxxe Limited by
 
 

Phil Doye, CEO

14th April 2023