Small firms call for late payment reforms

Responding to this year’s Queen’s Speech the Federation of Small Businesses (FSB) has urged the need for late payment reform. Federation of Small Businesses (FSB) National Chair Martin McTague said “A worsening late payment crisis is currently threatening the futures of more than 400,000 small firms. The Audit Reform Bill creates space to take forward…

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UK and Ireland among top five worst in Europe for payment delays

New data from Sidetrade has found that the UK and Ireland are among the top five worst in Europe for payment delays. The company statistics are based on the payment behaviour of 20.7 million buying companies worldwide. The data reveals the best and worst markets and industries for late payments over the last three years…

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Analysis of 8 million invoices reveals causes for payment delays in the construction sector

New analysis of over 8 million invoices sent to the top 100 construction firms in the UK reveals that 10 percent are routinely being rejected, resulting in serious payment delays which are hindering the financial recovery of construction product and service suppliers across the sector. The research by Causeway Technologies looked at a sample of 8,052,300 invoices…

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High profile companies permanently removed from Prompt Payment Code over late bill payments

Five high profile companies Diageo Scotland, Diageo Global Supply IBC, Diageo Northern Ireland, Diageo Great Britain and Unilever UK have been formally removed from the Prompt Payment Code (PPC) after failing to honour their commitments. The voluntary code requires companies to pay 95% of invoices within 30 days to their small suppliers and pay 95%…

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Managing cashflow is key to business survival

The Office of the Small Business Commissioner (OSBC) has welcomed the clarity provided by a report from the Federation of Small Businesses (FSB) on payment problems faced by small businesses.The OSBC says that the current economic situation is causing increasingly difficult challenges for small businesses. Many are having to choose between paying their bills, in order…

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440,000 companies threatened by late payment as costs surge

The Federation of Small Businesses (FSB) is warning that a worsening of the UK’s late payment crisis, high inflation and mounting admin for firms that trade internationally will cause the business community to further shrink in size if left unaddressed, as it releases fresh findings from its quarterly Small Business Index (SBI). The new study…

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Businesses write off £8 in every £100 as uncollectible

Businesses are reporting that they are losing £8 for every £100 billed in the last year due to the non-payment of invoices, according to the research by trade credit insurer Atradius. The research barometer reveals nearly half (44%) of the total value of UK B2B sales were reported overdue this year and a further 8%…

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Fifth of business owners identify late payments as key barrier for growth

Almost a fifth (18%) of small business owners have identified late payments as the key barrier to their growth, behind only competition as the biggest barrier, according to new research by Superscript. The research, part of a report titled ‘Supercharging small business growth, highlights the struggles that small businesses face with late payments’  found that…

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Western Europe’s overdue payments amount to 53% of total value of invoices

New research by credit insurer, Atradius has highlighted increasing insolvency risks in customer markets within Western Europe. The report has indicated that for Western Europe as a whole, overdue payments amounted to 53% of the total value of invoices, an increase on last year’s 47%. The percentage of write-offs increased from 7% to 10% of…

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One in three businesses see late payment as biggest threat to survival

Late payments are threatening the survival of British businesses, analysis by alternative finance provider, Time Finance has revealed. The research found that challenges with cashflow and unfulfilled growth ambitions were the greatest knock-on effects holding businesses back. For 70% of SMEs, late payments are a recurring issue leading to more severe consequences with over 40%…

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Late payments by retailers at highest-recorded levels

Late payments by UK retailers are at the highest-recorded levels, according to research by Sidetrade. The analysis found that almost a quarter (23%) of UK retail company invoices were deemed overdue in October. The research revealed that the proportion of invoices left unpaid* by UK retail companies in October 2021 hit an all-time high since…

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SMEs urged to talk about money

New research from GoCardless, has revealed a quarter (25%) of British small business owners feel uncomfortable talking to their customers and suppliers about money in a business context, rising to 32% for women. Almost four in ten (38%) SME decision-makers say they feel awkward chasing customers for late payments and one in ten (10%) believe…

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One in five SMEs have late payment debt as high as £200k

New data from Time Finance has revealed that 70% of businesses are suffering from late payments from their customers. Uncovering the true severity of the issue, the leading alternative finance provider found that late payment debt was as high as £200,000 for one in five business owners. The findings come despite the government introducing a…

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