A study by Xero has found that the average payment time for UK small businesses on standard 30-day invoices is 40 days. This means that, with less than 40 days to go before Christmas, a number of SMEs won’t get paid by the time Santa arrives. Not so jolly As we know, a lot of
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Tag Archive for Late Payment
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Late payments World Cup: Which country pays the quickest?
by Ben Lobel • • 0 Comments
Brazil pays suppliers on average only 4.3 days beyond terms (DBT), with Iceland coming up second best at 6.4 DBT. The DBT describes how long it takes businesses on average across each country to pay their bills, past the due date. England, meanwhile, would qualify from their group in second place with a DBT of
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The essential guide to managing small business cash flow
by Ben Lobel • • 0 Comments
As anyone who has started their own company can attest, your cash position can be extremely tight as a small outfit. Whether you have significant financial backing or you are bootstrapping, you must make sure that your command of the company’s finances is second to none. If you don’t have an eagle eye on expenditure
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Accounts and tax: A small business guide to managing your finances
by Ben Lobel • • 0 Comments
You’ve decided to branch out on your own. Your business plan is solid and you’ve chosen how to trade. You’ve sorted your bank account, insurance is covered and you’ve registered with HMRC. You’ve got a swanky new office, your employees are due to get paid at the end of the month and everything feels pretty
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Late payment epidemic set to cripple exports for British SMEs
by Owen Gough • • 0 Comments
Small and medium-sized UK businesses are being severely impacted by chronic reductions in working capital, according to new research of over 1,000 SMEs commissioned by Crossflow Payments. For many SMEs, uncertainty around when they will get paid is all too common. More than a third of UK SMEs (38 per cent) admit to having no set
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Tackling slow payers, today and tomorrow
by Ben Lobel • • 0 Comments
As every financial decision maker will tell you, getting customer invoices paid on time is the first step to optimising working capital – the lifeblood for every business. Slow payers can reduce the number of decision making options open to a business, putting pressure on survival, growth or customer relationships. The real question is: ‘What
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Bad debts: How your small business can prepare early for late payment
by Ben Lobel • • 0 Comments
Late payments to small businesses continue to rack up – recent research from TaxAssistAccountants reveals that UK small businesses are being prevented from accessing an enormous £266 billion that is rightfully theirs, because of late payments from suppliers. Needless to say, these delayed payments can be extremely detrimental to the financial health of a small
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Small suppliers still suffer at the hands of big business slow payer ethic
by Owen Gough • • 0 Comments
In response to the Duty to Report regulation coming into force today, research from Bottomline Technologies latest UK Payments Barometer Report reveals that UK businesses are still suffering from unacceptable levels of slow payer ethic, and is warning that large businesses can no longer hide behind process and complexity when it comes to payments. This
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UK micro-businesses not optimistic about late payment tsar
by Owen Gough • • 0 Comments
The overwhelming majority of UK freelancers and micro-businesses do not believe that the government’s ‘late payments tsar’ will be able to address the UK’s payment problems, according to new research from cloud accounting software firm FreeAgent. A poll carried out by OnePoll and commissioned by FreeAgent reveals that just 2 per cent of respondents thought the
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Taking on the late payment culprits: Will 2017 finally be our year?
by Ben Lobel • • 0 Comments
Small businesses have long been hailed as the backbone of the UK economy – and rightly so. At the start of 2016 the combined annual turnover of SMEs was £1.8 trillion, so it’s no surprise Philip Hammond threw his weight behind them in this year’s Autumn Statement. Yet, as the Federation of Small Businesses has
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