The Government has joined forces with some of the UK’s leading small business groups in a bid to tackle the ongoing issue of late payment, which has a significant impact on small firms in the UK.

Members of the Small Business Economic Forum (SBEF) have signed an agreement to work together to develop measures to help ensure that payments are made on time.

Phil Oxford, Chief Executive of the Forum of Private Business, said, ‘Ensuring small firms are paid on time and in full is key to their future growth and prosperity, and also to the UK’s economic prospects’.

Tonmoy Kumar, ABDS Accounts Manager comments:
“We need more large companies at the top of the supply chain to commit to the principle of prompt payment, to understand that squeezing their suppliers out of business ultimately means less choice for customers, but small business owners also have a responsibility to address late payment by implementing cash flow management as a standard business process, which is where we can help.”

ABDS can ensure that you have in place robust credit control and cash flow management system and procedures. Contact us now.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900 E-mail: abds@netaccountants.net

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