The UK currently has the highest proportion of invoices that are paid late, with 9% written off as bad debt.
Alan Laing, United Kingdom & Ireland Managing Director at Sage, said, “In 2017, it is totally unacceptable for 18% of all payments paid to Small and Medium businesses to be paid late. Entrepreneurs rely on low cash reserves to operate, meaning delays to income can have substantial impacts; from stifling growth and creating unnecessary admin, to paying bonuses over the upcoming Christmas period.
“We now know the most cited barrier to chase late payments is to protect client relationships. It’s critical this stigma around chasing payments changes so small businesses feel they can chase without fear of losing repeat business. But perhaps even more importantly, we need the UK’s culture around late payments to change, so that small businesses can get on with doing what they love – running their business – rather than worrying about when the money will come in.”
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