Recent research from UHY Hacker Young has highlighted the extent of the late payments issue in the UK, with some larger business taking up to 113 days to pay suppliers.
In April 2017, new rules were put into effect that requires large businesses to report twice a year on how quickly they pay their suppliers. The reports from this, which are summarised in this article, make for stark reading with some businesses agreeing terms with their suppliers of up to 230 days to pay their invoices.
Long payment terms can restrict cash flow and impact the day-to-day running of a business. Invoice finance offers a solution to regulating cash flow allowing business to keep moving.
Big businesses pay an average of only 52 per cent of invoices within 30 days