paid late

Three-quarters of Small Businesses Still Paid Late

Almost three-quarters of small firms were paid late last year, research from the Federation of Small Businesses (FSB) has highlighted. The survey also revealed that 77% of late payments to small firms were from other businesses, not from the public sector. “In the current economic climate every penny counts and for small businesses a late invoice can mean not being able to pay their staff.” said FSB chairman John Walker. “All businesses need to ensure that they make payments on time if the private sector is to get on with the job in hand of strengthening the recovery.” Walked added that small firms could help prevent late payments by having a contract in place confirming payment times, offering a discount for prompt payments where appropriate and ensuring that all s... »