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News - 8 May 2014

Late Payment Problems for Small Firm


The Forum of Private Business (FPB) has found that 23% of its members have seen an increase in late payment over the past year, compared to just 3% who have seen a decrease.

Nearly 30% have also seen an increase in the average number of days beyond the deadline that a payment is made late whilst 8% reported a decrease, and 19% have seen an increase in both elements of late payment.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“In the FSB’s banking and finance survey, they say more businesses want to see more measures to tackle the issue. 39% of businesses surveyed would like to see prompt payment better promoted, 37% would prefer to pay VAT on money that has entered their account rather than when an invoice is submitted and 36% wanted to see persistent late payers barred from government contracts. This is certainly something we hear a lot of as well.”

Phil Orford MBE, Chief Executive of the Forum of Private Business, said:
"Upwards of £30 billion remains tied up in late payments, costing a typical small business 130 hours a year to chase and meaning that a third are forced to seek external finance to cover the gaps in cash.”

If you need any help and advice on Management Accounts, Budgets and Cash Flow Forecasts, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar NOW to discuss how ABDS can help in all your financial planning.

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

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients
Mindful of our client’s long term strategic goals

Helping Your Business is Our Business
 

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