New research from R3 shows that in November, the number of overdue invoices in Northern Ireland fell to a 2024 low. The restructuring body’s analysis of data provided by Creditsafe shows that businesses in Northern Ireland had 62,544 unpaid invoices on their books last month – the lowest monthly total in 2024. Overdue invoices in…
Read moreThe number of overdue invoices on the books of Scottish firms increased by 42.8% in October 2024 when compared to the same period in 2023, according to new research by R3, the UK’s insolvency and restructuring trade body. The analysis of data provided by Creditsafe shows Scottish businesses had 600,588 invoices that had gone past…
Read moreNew research by Direct Line has found that the average tradesperson is chasing £6,000 in late payments. The data has shown that 81 per cent of tradespeople are chasing late payments, with the average tradesperson chasing seven outstanding invoices A fifth (22 per cent) of tradespeople say pursuing late payments is taking time away from…
Read moreThe Government has confirmed that it is launching new measures to support small businesses and the self-employed by tackling the scourge of late payments, which according to the Smart Data Foundry is costing small businesses £22,000 a year on average and leads to 50,000 business closures a year according to Intuit QuickBooks, The government will…
Read moreNew research by Upflow has found that over half of outstanding invoices (57%) are late, with a third of invoices (33%) taking longer than 90 days to be paid. Upflow says that throughout several industries, there is a worrying trend that if invoices are not paid on-time or within the first 30 days of becoming…
Read moreNew research from Premium Credit has shown that late payment issues are easing for SMEs but still remain a concern. Its Insurance Index, which monitors insurance buying and how it is financed, found one in five (20%) of firms reporting a growing problem with late payment of bills with 5% warning the issue has become…
Read moreThe Federation of Small Businesses (FSB) has urged the next government to focus on a better trading relationship with the EU, reform business rates, and clamp down on poor payment practices towards smaller suppliers. The FSB also wants to see an improvement in small businesses’ access to finance and a 33% statutory public procurement target…
Read moreThe latest Xero Small Business Insights (XSBI) data indicated that the length of time small businesses waited to be paid after issuing an invoice was 28.4 days in the March quarter, the same as the December quarter. The largest improvement was in the month of March, when this payment time metric was only 27.9 days…
Read moreThe number of overdue invoices in Scotland reached a 16-month high in February, according to new research from R3, the UK’s insolvency and restructuring trade body. R3’s analysis of data provided by Creditsafe shows that business in Scotland had 428,824 unpaid invoices on their books last month – the highest monthly total since October 2022’s…
Read moreThe cost of late payments to small businesses has more than doubled in two years, reaching £1.6 billion at the end of 2023, according to a report by Xero. The latest quarterly data shows small firms were paid, on average, 6.1 days late during the last three months of 2023. This figure shows no signs…
Read moreNew research by NerdWallet has found that over half (55%) of businesses still have outstanding invoices from the last tax year (2022/23). The problem also seems to be getting worse with time with just under half (46%) of SMEs were left with more unpaid invoices at the end of the 2022/23 tax year than the…
Read moreThe number of invoices being paid after their due date in Northern Ireland fell more than 35% in September 2023 compared to the same period in 2022, according to new research from R3, the UK’s insolvency and restructuring trade body. R3’s analysis of data provided by Creditsafe shows that overdue invoice numbers in Northern Ireland…
Read moreSmall businesses in the UK are facing a worsening late payment crisis, with payment times hitting a three-year high. According to Xero’s quarterly small business index, small firms are waiting an average of 29.4 days to be paid by their customers, with payments in September being made 7.7 days after the due date. The manufacturing…
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