Credit, Collections & Insolvency News
A new report by the Federation of Small Businesses (FSB) has found that 52% of small businesses experience late payment delays. The FSB says the report lays out the failure of current measures in place to hold late payers to accounts and demands small businesses are given better protection. The survey found that 25% of…
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Data from small business accounting platform Xero has indicated that late payment days are worsening. The research found that the average time it takes to get paid rose by 0.6, to 30.5 days in January, the longest payment time recorded since September 2020. In January, payments to UK small businesses were also late by an…
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Payments to small businesses were made on average 8.2 days late in September. This is the highest late payment time since August 2020 according to the latest data from Xero, the global small business platform. Xero’s Small Business Index, based on anonymised and aggregated data from hundreds of thousands of small businesses, found that in…
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Research from spend management cloud provider, Ivalua has revealed that more than a third of UK businesses (36%) have extended payment terms for suppliers in the last 12 months, due to the impact of COVID-19 (62%), Brexit (39%), and rising energy costs (38%). The research reveals the true impact of late payments on the supply…
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Britain’s small and medium-sized businesses (SMEs) are owed on average £147,141 in late payments, nearly £74,000 more than in 2019, according to research by Dun & Bradstreet. Following the fallout from Covid-19 and Brexit, plus late payments and rising inflation, it comes as no surprise that 61% of SMEs are struggling to pay back loans, according…
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European small and medium enterprises (SMEs) are suffering from significant payment issues, but lack a thorough understanding of the processes involved, new research Vodeno. The company commissioned an independent survey among 2,004 senior decision-makers in SMEs across the UK (504), Belgium (500), France (500) and the Netherlands (500). It found that just 37% of respondents…
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The UK Services sector is responsible for the biggest month-to-month spike in overdue invoices last month according to new analysis by Sidetrade. UK Services companies saw the biggest month-to-month leap from June to July 2022 with over a quarter (26.8%) of supplier invoices issued to them being deemed overdue last month, compared to one-fifth (20.6%)…
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New findings from quarterly Small Business Index (SBI) has warned that banks ‘are pulling up the drawbridge’ to small firms will further stifle economic growth as its new SBI study shows successful finance applications plunging over the first quarter of this year. Fewer than one in ten (9%) small firms applied for finance in Q1…
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Small businesses are under increasing pressure, with delays in payments and staff shortages on the rise, according to research by accountancy software firm Xero. The data reveals that late payment times continue to surge. In February, small businesses had to wait an average of 30.5 days to be paid by their customers from when an…
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Three in five (58 per cent) small or medium enterprises (SMEs) across the UK are currently waiting on late payments from customers, according to research from Barclays surveying 500 small business owners. For medium sized enterprises with 50 to 249 staff, those waiting on late payments rises to more than nine in ten (94 per…
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Over a third of businesses (32%) spend up to 75% of their time chasing overdue debts when that time would be better spent in advising their sales teams on who to do business with or not in the first place. An online survey conducted by Debt Register, a digital payment platform, found that almost a…
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