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03/12/2001
Firms are succeeding in the battle against late payment
The latest research by Credit Management Research Centre (CMRC) has revealed that British businesses have reported a significant decline in the time taken to pay outstanding invoices.
An ongoing survey of over 1,000 companies, from a range of sectors and company sizes, revealed that firms with a turnover of less than £1 million are experiencing a significant decline in payment delays from their customers, with the average number of days overdue falling from 25 to 19 over the past six months.
Companies with a turnover greater than £10 million also revealed improvement with the average number of days overdue falling from 14 to 12.3 over the past six months.
Professor Nick Wilson, head of the CMRC and member of the Better Payment Practice Group, said “Our research from the last quarter has identified some positive changes in the payment behaviour of UK businesses - particularly for small firms. However, these improvements in payment culture will only be sustained if businesses continue to implement and adhere to good credit management policies.”
The CMRC is a member of the Better Payment Practice Group. Further advice on good payment procedures can be obtained from the BPPG website at www.payontime.co.uk. (MB)
An ongoing survey of over 1,000 companies, from a range of sectors and company sizes, revealed that firms with a turnover of less than £1 million are experiencing a significant decline in payment delays from their customers, with the average number of days overdue falling from 25 to 19 over the past six months.
Companies with a turnover greater than £10 million also revealed improvement with the average number of days overdue falling from 14 to 12.3 over the past six months.
Professor Nick Wilson, head of the CMRC and member of the Better Payment Practice Group, said “Our research from the last quarter has identified some positive changes in the payment behaviour of UK businesses - particularly for small firms. However, these improvements in payment culture will only be sustained if businesses continue to implement and adhere to good credit management policies.”
The CMRC is a member of the Better Payment Practice Group. Further advice on good payment procedures can be obtained from the BPPG website at www.payontime.co.uk. (MB)
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