MIKI TRAVEL LIMITED
Company number: 01509274
Reporting period:
1 February 2019 to 31 July 2019
Report filed on:
16 September 2019
Approved by:
Ingrid Cawood
Payment statistics
Average time taken to pay invoices: 36 days
Invoices paid:
- within 30 days: 59%
- in 31 to 60 days: 39%
- in 61 days or more: 2%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 3%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
45 days
Standard payment terms
Creditors send invoices throughout the month. For the following payment types, Automatic Clearing House USD and Automatic Clearing House CAD - the standard payment period is 30 days. Invoices arriving from the 1st to the 15th get paid at the end of the current month. Invoices arriving between the 16th and the last day of the month get paid on the 15th of the following month. For the other payment, our terms are to pay by the 15th of the following month, regardless of what day of the month the invoice is received. This results in a maximum standard payment period of 45 days. Our average payment days are less than 45 days because the majority of creditors invoice us close to month end and get paid by the 15th of the following month.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
45 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
We have an accounts payable team which go through email queries (a dedicated email address is set up for queries). They will check if invoices are on the system and liaise directly with suppliers to obtain missing invoices so that these can be processed for payment and these will be paid within days of receiving the missing invoice - these suppliers will not have to wait until the main payment run.
If an invoice comes in that exceeds the expected cost, which is based on contractual rates uploaded in the system, then the invoice will be rejected for payment. A debit note for the incorrect amount will be raised by a separate Validations team. If the supplier disputes the debit note then the Validations team will work with the supplier to resolve the dispute. This can take quite some time as queries go back and forth and underlying contracts, tour messages etc, need to be examined
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 Fair 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.
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