Company number: SC191805
and approved by Mr Masao Nagano
Average time taken to pay invoices: 50 days
Invoices paid:
Invoices due but not paid within agreed terms: 2%
3 days
Answer not provided
The company operates a standard payment term of End of Month following month of invoice, meaning the standard payment term could be up to 60 days. Terms out with standard terms can be lower or higher than 60 days, dependent on supplier. Invoices included in our statistics include those from non-UK suppliers. Payment terms agreed with these suppliers are typically in excess of 60 days, to allow for transit time.
Answer not provided
N/A
180 days
No further comment provided
Our statistical reporting includes non-UK suppliers. Average time taken to pay UK based suppliers 47 days. For UK based suppliers, in the reporting period, we paid 91% of invoices within 60 days. Freight suppliers affected due to delays in supply chain and delays in import documentation.
In the first instance, suppliers are encouraged to submit queries to a central mailbox held by Mitsubishi finance team finance@m-ace.mee.com. Our aim is to review these queries on a daily basis and resolve the issue as soon as is practically possible. The Accounts Payable team will escalate to Finance Manager any disputes they are unable to resolve. We also have an automated switchboard which allows suppliers to speak directly with a member of the finance staff.
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
Yes, this business has signed up to: Prompt Payment Code
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
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
No
No