A recent report from commercial credit referencing agency, Graydon, which has found that late payment of invoices is a problem for more than half of UK businesses – almost a quarter of whom call it a “serious problem” – has prompted a discussion of the options for business on late payments at a summit in central London this week.
Late payments are continuing to undermine businesses’ ability to invest in growth through innovation because of the damage they are causing to the economy. The research from Graydon highlights the “domino effect” of late payments on the supply chain, with 56% of UK businesses which have not been paid on time admitting to having paid their supplier late as a direct result.
Of course, there are multiple reasons and behaviours that lead to persistent late payment across economies. But automating invoicing processing can be a step in helping businesses to address the issue, giving better visibility and control of purchase to pay processes, without demanding significant upfront investment.
Read more here: http://www.credittoday.co.uk/article/13887/online-news/quarter-of-businesses-call-late-payment-a-serious-problem