Survey Shows Late Payments Affect SME Cashflow
In partnership with BDRC Continental, Ultimate Finance conducted research into the impact of late payments on the SME sector. The figures showed that late payments cause cashflow problems for UK SMEs. The main political parties have said they plan to end the issue with legislation such as late payment reporting.
Overall, 81 percent of SMEs state late payments are an issue for them, and 51 percent of SMEs believe their business would run smoother if they had fewer late payments. 82 percent of SMEs have up to £25,000 in late payments. This rises for medium-sized companies which have an average of over £30,000 in late payments.