Businesses not expecting govt help over late payments

Date: 28th September 2010

Small businesses across the UK are taking matters into their own hands when it comes to tackling late payments.

That is according to a new report by Bacs, which has revealed that the number of enterprises feeling the impact of late payments fell by 20 per cent in the six months to June.

Mike Hutchinson, head of marketing at Bacs, said: "It's extremely heartening to see that there are now many companies making great strides to help themselves beat the late payments cycle, by sharpening up their billing and credit control procedures."

However, the report also showed that late payment remains a problem for a number of smaller firms.

According to the research, the total amount of money owed to almost 770,000 businesses across the country increased by 28 per cent over the same time period.

Furthermore, more than half (56 per cent) of the companies questioned believe the coalition will offer them little or no support in tackling the issue.

Posted by Jacob Williams