The culture of late payment to UK SMEs is undermining their growth and the value they bring to the UK economy. Findings from business finance company, MarketInvoice, reveals 62 per cent of invoices issued by UK SMEs in 2017 (worth over £21 billion) were paid late, up from 60 per cent in 2016. The average
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Tag Archive for Late payments
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Half of businesses admit to paying suppliers late
by Owen Gough • • 0 Comments
Slow internal processes and a lack of automation are among the biggest challenges for businesses when it comes to paying their suppliers on time, according to new research by Tungsten Network and the Institute of Finance and Management (IOFM). The Friction Index research found that almost half (47 per cent) of businesses admit that at
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UK’s late payments culture impacting four in ten businesses
by Owen Gough • • 0 Comments
Concur releases a major report examining the UK’s late payment culture, which is putting job creation at risk. The report, entitled Invoice Utopia, includes detailed YouGov polling of 1,233 British businesses and sheds new light on the consequences of poor invoice processes. The report is published just days after government announced its Made Smarter industrial
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SMEs urged to automate to help offset time of late payments
by Owen Gough • • 0 Comments
Automating credit control, payments and receipts would help SMEs save time spent chasing late payments that could otherwise be more constructively used in the business. In addition, businesses who are automating such processes are being paid by suppliers faster than the national average. That’s the message from online accounting software provider Clear Books after recent
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Can the new small business commissioner tackle late payments?
by Owen Gough • • 0 Comments
The government has appointed the UK’s first Small Business Commissioner, after a two year search, whose primary role will be to tackle the culture of late payments and ‘become a national spokesperson for small businesses affected by payment issues.’ However, new research, from cloud accounting software provider FreeAgent, has found that only two per cent
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Late payments not just a smaller business issue
by Owen Gough • • 0 Comments
Late payments are an even bigger challenge for those medium-sized companies, with 94 per cent of businesses employing over 50 people reporting that the issue is causing cashflow problems for them. This is according to new figures from Ultimate Finance, a leading UK funding partner to the SME market. In partnership with BDRC Continental, Ultimate
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Late payments cause UK SMEs to miss out on over £250 billion
by Owen Gough • • 0 Comments
Unpaid invoices and the costs associated with companies pursuing customers’ payments, as well as long payment terms, mean that SMEs in the UK are missing out on over £250 billion of liquid cash flow every year. Integral to the UK economy, SMEs account for 47 per cent of all private sector turnover. Delayed payments from customers
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Late payments costing UK SMEs more than £2 billion a year
by Owen Gough • • 0 Comments
The UK’s smaller businesses are facing a total bill of £2.16 billion to chase late payments, according to Bacs Payment Schemes Limited (Bacs), the company behind Direct Debit and Bacs Direct Credit in the UK. That’s in spite of a dramatic drop in the overall late payment debt, with new figures showing that UK small
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Late payments crisis will not be solved by new payment practice laws
by Owen Gough • • 0 Comments
The vast majority (74 per cent) of SMEs do not think new guidelines, forcing large businesses to detail how they pay smaller suppliers, will have an impact on late payments, according to new findings from Crossflow Payments, the supply chain finance platform. Just 17 per cent of the decision makers from the 5.4 million British SMEs think
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Time to face the music: the duty to report ushers in a new era for late payments
by Owen Gough • • 0 Comments
The beginning of April is circled in many a financial employee’s diary. The start of the new tax year, it often brings with it a host of new initiatives, tax changes and rules to apply that will need to be adhered to once the clock strikes twelve. For many large businesses, one particular piece on
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