£63bn of payments late last year
Research finds SMEs struggling through having to chase outstanding invoices
Late payments to companies totaled £62.87bn over the last year, according to
new research from NatWest and RBS.
The study found that 71% of UK SME faced problems with late payments during
the last 12 months with an estimated 235,000 small businesses hurt by the time
wasted chasing late invoices.
Invoices worth £15.7bn are still outstanding after 120 days, claims the
research. But despite the struggles less than half have taken measures to
improve their cashflow.
In the business services sector 72% experienced late payment problems with
19% claiming over 60% of their payments were late.