Late payers create a £10bn crisis at firms
The culture of late payment has become an increasing burden for small businesses, with outstanding payments totalling more than £10 billion, an increase of £1.7bn on a year ago
On a typical day, small firms in England and Wales are £2,440 out of pocket on average because customers have failed to settle their bills within the standard 30-day invoicing period.
According to the annual Barclays Late Payments report, a 20% rise in late payments has also forced firms to write off nearly £5 billion in the past 12 months, equivalent to £1,133 for every small and medium-sized business.
With Government figures showing that company insolvencies have soared by nearly 60%, experts are urging firms to ensure they have proper debt collection procedures to help protect themselves from going under.
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