Late Payments to small businesses hit new high
Late payments to small business hit new high
Small firms are owed a total of £33.6 billion in late payments this month, up from £30.4 billion a year ago, and the highest figure since records began in 2007, according to research by Bacs. Half of small and medium-sized firms are affected by late payments and the average waiting time is 28 days on top of agreed payment terms. Large companies are responsible for 48% of late payments, while Government and not-for-profit organisations are the best payers. Philip King, of the Institute of Credit Management, commented that it is important for small firms to "agree payment terms upfront and work to cultivate a prompt payment culture in all of their business dealings."
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