Late payments are a bugbear for many businesses. Just how big the problem has become was highlighted by recent survey data from BACS (Bankers' Automated Clearing Services) in the UK. The average UK small company is now owed £39,000 at any one time, and that businesses are owed on average 10% more than last year. Worse, those hit by late payment are waiting on average 28 days beyond their payment terms to have invoices settled.
It's a critical issue that we look at in our latest article, published on AccountsPayableNews.org. The key point is, impending EU Late Payment legislation means that companies may not have to put up with it for too much longer, as the legislation will give firms the ability to apply penalties. The article looks at the issues and suggests solutions here: