Podcast: Inside Accountancy Episode 2 – Late payments

Podcast: Inside Accountancy Episode 2 - Late payments

In Episode 2 of Inside Accountancy, Accountancy Age reporter Chris Jewers discusses the issue of late payments with Dr Louise Beaumont.

Podcast: Inside Accountancy Episode 2 – Late payments

In Episode 2 of Inside Accountancy, Accountancy Age reporter Chris Jewers discusses the issue of late payments with Dr Louise Beaumont.

In August, it was found that late payments are a greater challenge than they were a year ago for one in five businesses, according to a report from the BCM (Business confidence monitor). Six out of nine sectors (Property, Business Services, Manufacturing & Engineering, Construction, Retail & Wholesale, and Banking, Finance & Insurance) are experiencing this as a growing issue.

The problem is even larger for SMEs, with almost a quarter (24%) reporting this as a problem, and an estimated 50,000 businesses a year closing due to the issue.

Key statistics on late payments:

  • One in five businesses surveyed by the BCM said being paid late was a problem they face, an increase on late year, with almost a quarter (24%) reporting the same
  • An estimated 50,000 businesses a year close as a result – Federation of Small Businesses (FSB)
  • 92% of businesses admit to paying their suppliers late – Bottomline
  • 43% of SMEs surveyed by Small Business Commissioner have faced late payments – Small Business Commissioner white paper
  • 82% of SMEs say this is a ‘significant issue’, with many in this group saying they decided not to take any action for fear of putting their client relationship at risk  – Small Business Commissioner white paper
  • SMEs are owned £16bn in late payments – BACS Payment Schemes Limited
  • Measures introduced by government in June 2019 criticised by SMEs and AAT

Listen and subscribe to our podcasts on Blubrry, Spotify, Apple Podcasts and Google Podcasts.

Blubrry  |  Spotify  |  Apple podcasts  |  Google Podcasts

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

Professional Services Why Professional Services Firms Should Ditch Folders and Embrace Metadata

8m

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

12m

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine

Accounting Firms Turn Accounts Payable into a value-engine

7m

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021

Making Tax Digital Digital Links: A guide to MTD in 2021

8m

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource