UK businesses improve game but still classified as late payers
Compared to figures from 2011, estate agents and taxicab firms are improving their performance when it comes to making payments, but all still fail to meet the agreed terms.
The survey highlights the national average for late payments across a range of UK businesses revealing those industries that are the worst offenders.
Tom Kelman, Director of Finance and Corporate Resources at AAT said: "It seems it’s become almost acceptable to pay late with UK businesses paying six days late, on average."
Estate agents are still the worst payers paying on average 14 days after agreed terms, followed closely by taxicab firms and builders, both 12 days late each. The best payers are farmers falling only three days behind agreed terms.
Tom Kelman says there are a few simple rules SME’s can follow to avoid being caught out and short on cash. These include:
Performing a credit check on new customers
Communicating your payment terms to customers
Considering providing a discount for people who pay within a certain timescale
Actively chasing late payments
Allocating time to deal with credit control
"More often it’s the SME’s that feel the negative effects of late payments from larger corporate bodies, including restrictions of growth and cash flow.
No comments posted yet. Be the first to post a comment
Please enter your name
Please enter your comment
Your comment submitted successfully.Please wait for admin approval.
Some error on your process.Please try one more time.
Scotland’s Rural Affairs Secretary Richard Lochhead is calling on the Europ...
As the country settles down following the turmoil of the general election, ...
New research from the Universities of Bristol and Cambridge has found that ...
A new publication to help farmers prevent sheep lameness and offer advice o...
The Farmers’ Union of Wales is putting the spotlight on Liver fluke at next...
The UK is now third in the global rankings for utility-scale solar energy a...
A recent Rural Watch demonstration and information event gave Farmers’ Unio...
Retailers should confirm their commitments to sourcing UK lamb this season,...
A leading retailer has apologised after selling imported lamb in a Borders ...