The study by BACS, which runs the direct debit system, shows that more than half (53%) of SMEs in the UK suffered delays in payment. This was an increase of 8% per cent on last year’s figure.
Graham Purvis from Robson Laidler said “SMEs are owed a total of around £24 billion in unpaid bills, with the average amount of outstanding payments per firm now standing at £27,000.”
“Research suggests that large companies are mainly to blame, with almost a third of bigger firms failing to send off payments on time.”
“The problem has also been aggravated 1916338565 by smaller firms having to spend up to half a day a week chasing outstanding invoices. This equates to 158 million hours a year in work time altogether.”
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