Opinion

Can pay won't pay?

There seem to be a lot of survey's around at present and another, from Sage, has suggested that despite some improvements in the state of the economy payment times are slipping even further.

Sage's monthly Omnibus survey found that more than a third of small business owners reckon that payments are taking longer to come through and 30 per cent say it's hurting their cashflow.

A similar survey from BACS indicated that the average time to wait for payments is 39.5 days beyond invoice terms. As you'd expect, the biggest firms are the worst to pay.

Interestingly, despite having the legal right to do so for some years, only 10 per cent are considering charging late payment interest.

This was first published in July 2011

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