The IT industry improved its record on late payments overthe course of last year with the sector performing better than other areas ofthe economy.
In figures released by Experian the IT sector stood out fromother industries with payments improving by 20% from 2008 to 09 dropping from29.20 days to 23.37 days last year.
Some of the causes of the improvement is the threat ofdamage to credit scores for those that don’t cough up and the pressure thatsuppliers have been under to show a commitment to helping fellow businesses bypaying promptly.
Joe Myers, head of commercial credit at Experian’s businessinformation division, said that the improvement had started in August last yearand the largest companies had started to speed up their payment times.
“The factthat country’s biggest businesses reduced the time it takes to settle theirbills by nearly 20 per cent is a significant turnaround.”
But there continue to be problems with late payments withSMEs in particular suffering from late payments even though the government hasmade pledges to make it easier for small firms to get cash.