Interesting figures show that smaller business's are having to wait longer than ever for settlement of their invoices.
Blue chip companies are in certain instances paying much later than agreed terms.
Smaller business operators are also paying their smaller companies late.
Is there an answer to this growing problem? Not really other than charges for interest on overdue accounts.
Alternatively, change suppliers.
If suppliers lose enough customers, they will then begin to realise smaller firms rely on prompt settlement.
Late payment is a progressive killer to a business cash flow.
The answer to everyone PAY ON TIME. Help the smaller business to survive.
19th October 2010
Accountant at Brian Foster & Co.
Tel no: 01922 457 201