Credit, Collections & Insolvency News
Research jointly conducted by Federal Management and Frontline Collections has found that 79% of small business owners say that their mental health suffered as a result of business late payments. The majority of smallest businesses (less than 5 employees) said they are constantly worrying about not being paid at all. A further 41% said that late payment…
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The number of overdue invoices in Scotland has reached its highest level for this year, according to new research insolvency and restructuring trade body R3. R3’s analysis of data provided by Creditsafe shows the number of invoices in Scotland that have gone past their payment deadline rose to 593,114 in October – the highest recorded…
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New research from insolvency and restructuring trade body R3 reveals Scottish firms had almost 1.7 million overdue invoices on their books in the last quarter. R3’s analysis of data provided by Creditsafe shows 1,696,445 invoices were overdue in Scotland in Q3 – an increase of 7.1% from Q2’s total of 1,583,353. Scotland and the West…
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The average amount owed to small businesses with at least one overdue invoice has risen 6% year on year to £22.7k in May 2022, up from £21.4k the previous year – which is 65% of the average small business’ typical monthly turnover according to new data from the Intuit QuickBooks Late Payments Bulletin. The research has…
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Analysis by Xero Small Business Insights and Accenture has found that the average UK small business faces a cashflow crunch when monthly revenues are not enough to cover outgoings. The report also found cash flow challenges are undermining the growth and operations of at least 9 in 10 small businesses in the UK. The report…
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Sidetrade has revealed that agriculture companies in the UK increasingly paid supplier invoices late in Q2 2022, hinting at possible cash flow struggles within the sector. The Sidetrade Unpaid Invoice Tracker shows almost one-fifth (17.3%) of invoices issued to UK agriculture companies were deemed overdue* on average in Q2 2022, compared to 12.0% in Q1…
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Intrum’s annual European Payment Report (EPR), a survey of 11,000 companies across 29 European countries, shows that businesses are expecting late payments to grow significantly in the coming months, following the rising inflation and interest rates with UK businesses less likely than their European peers to make growth a priority. Across Europe, growth is slowing…
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Businesses in Northern Ireland had more than 93,000 overdue invoices on their books in April according to new research by R3. The report found that while the north recorded strong start-up numbers in 2022, there are signs of trouble ahead. Analysis of the data from business intelligence provider Creditsafe, show almost 3,000 new businesses were…
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Businesses are paying their suppliers even later, despite admitting that they have a responsibility to smaller firms, according to early findings from Intrum’s 2022 European Payment Report. The annual report by credit management services company Intrum surveyed more than 11,000 businesses in 29 countries. It found the business landscape under pressure from new uncertainty, while…
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Small businesses had to wait an average of 29.9 days to be paid in April according to the latest figures from Xero. Average late payment days increased by 1.8 days to 7.7 days. This is the longest small businesses have had to wait to be paid since September 2020. Xero says tougher economic conditions caused…
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Delayed payments and insolvencies are predicted to rise in the consumer durables retail sector this year, reveals leading trade credit insurer Atradius. In its latest Industry Trends report on the retail sector, Atradius emphasises the importance of maintaining close working relationships with retailers, and acquiring real-time insight, as the key to navigating the next six months. Increasing…
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Over a quarter (26%) of UK small or medium-sized enterprises (SMEs) have seen the number of late payments they receive increase since the cost of living has gone up, according to new research from Barclays. The new findings indicate that rising prices have started to impact payments between businesses, as 16% of SMEs said that…
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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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