£63bn of payments late last year
Research finds SMEs struggling through having to chase outstanding invoices
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.
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