Small firms urged to be more assertive over late payment

Date: 7th February 2012

Small business owners around the UK need to be more assertive when it comes to chasing down late payments from their suppliers.

That is according to Business and Enterprise Minister Mark Prisk, who has called on businesses to boost the coalition's prompt payment drive.

Mr Prisk has urged enterprises to make the most of the legislation and advice that is already available to them and to consult Get Paid, the coalition's new guide for small businesses.

The guide, published by the Association of Chartered Certified Accountants (ACCA), contains tips and advice from both suppliers and customers on invoicing and developing a credit policy.

"It is hugely important that all businesses, particularly small firms, establish clear payment terms to ensure they get paid on time and successfully manage their cashflow," Mr Prisk explained.

"There is practical information available for businesses on getting paid that we are promoting to small firms through our Finance Fitness campaign, and this new guide published by the ACCA contains clear, helpful advice. I want small businesses to use this information and set up appropriate payment terms."

Posted by Emily Smith