Companies waste £2bn chasing late payments
March 31st 15:20 Cost Management
A number of businesses could be inspired to look into effective facilities management as a way of controlling costs after a new report revealed £1.9 billion is being wasted by firms chasing late payments.
The study, carried out by Bibby Financial Services, also revealed that more than one-third of firms are being made to wait longer than they were last year to receive payment.
Edward Rimmer, the organisation's UK chief executive, said: "Across this nation, businesses are fighting for survival with sustaining a healthy cash flow one of the biggest challenges.
"We need to support one another and do everything possible not to succumb to the easy route of late payment as it can become a vicious circle which halts the purchasing cycle and, ultimately, can disrupt the supply chain, not to mention the impact on the goodwill and trust of other customers and suppliers."
The research also showed that more than 330,000 firms spend at least three days of each month chasing unpaid invoices, while 48,000 enterprises have followed up on outstanding amounts 11 times.
Related Articles:
- \ Will firms using facilities management cost reduction plans benefit from new business investment?
- \ Could rising number of start-up firms lead to increased use of facilities management services?
- \ Firms using facilities management could be boosted by expert's claims that retail will be quite robust
- \ Scottish firms could seek facilities management assistance as expert highlights business rate increase
- \ Will firms using facilities management cost reduction processes be affected by dip in consumer confidence?
- \ Call for red tape reduction could boost firms using facilities management cost reduction processes
- \ Will firms using facilities management be boosted by new calls for business support?
- \ Will firms adopt facilities management cost reduction processes as expert says lack of funds is barrier to growth?
- \ Facilities management could rise in popularity as 50,000 firms call for debt advice
- \ Small firms could be inspired to adopt facilities management cost reduction processes after report highlights difficulties accessing funds.
- \ Scottish businesses using facilities management cost reduction processes could be boosted by FSB's plans.
- \ Could firms using facilities management cut down on training costs by engaging with staff?
- \ Will businesses using facilities management be boosted by calls for red tape reduction?
- \ Facilities management cost reduction process users could be boosted by HMRC's PAYE plans
- \ Will firms adopt facilities management as expert warns cuts will not be enough to stimulate economy?
- \ Firms using facilities management cost reduction processes could be losing out due to staff turnover.
- \ Call for increased bank lending to boost firms using facilities management?
- \ Businesses using facilities management cost reduction processes could be boosted by expert's comments
- \ Will firms using cost reduction process be buoyed by Miliband's intentions?
- \ North-east firms using facilities management cost reduction process could benefit from new business support services.
- \ Business minister's recognition of small firms could boost those using facilities management cost reduction processes.
- \ Will call for promotion of alternative funding options boost firms using facilities management cost reduction processes?
- \ Will firms adopt facilities management cost reduction processes as govt 'no help' with late payments?
- \ Fashion retailers may seek facilities management cost reduction as slow growth predicted
- \ Has facilities management cost reductions contributed to fall in insolvencies?
- \ Will firms using facilities management cost reduction benefit from employee retention advice?
- \ Could facilities management cost reduction processes benefit the struggling firms of the north?
- \ Could UK firms look to improve cost reduction processes as LDC describes business rate rise as 'another nail in the coffin'?
- \ Will lack of funding inspire firms to adopt facilities management cost reduction processes?
- \ Will businesses rate rises inspire firms to adopt cost reduction processes?
- \ Will companies using facilities management cost reductions benefit from govt's plans to help firms 'go green'?
- \ Will fall in lending drive need for facilities management cost reduction?
- \ Could video conferencing lead to facilities management cost reduction?
- \ Will EC late payment plans inspire increased use of facilities management cost reduction?
- \ Will firms seek facilities management cost reduction process as Harman warns of economic threat?
- \ Will small firms forced to accept new credit terms seek facilities management cost reduction advice?
- \ Will firms seek facilities management help after expert urges caution among retailers?
- \ Will firms using cost reduction processes be encouraged by calls to reform regulation?
- \ Will firms using facilities management be boosted by return to confidence?
- \ Will firms using cost reduction processes heed expert advice over web presence?
- \ Will firms using facilities management be boosted as govt implements public's saving ideas?
- \ Will lack of funding encourage firms to adopt facilities management cost reduction processes?
- \ Will firms adopt cost reduction processes as BRS says high street woes not just down to economic downturn?
- \ Will businesses be inspired to adopt facilities management cost reduction processes as high street vacancies rise?
- \ Will £3k per year crime costs inspire firms to adopt facilities management?
- \ Will firms seek facilities management cost reduction process as FPB warns that NIC holiday is not enough?
- \ Will firms using facilities management cost reduction process benefit from Treasury's NIC holiday?
- \ Will firms using facilities management be among those impacted by increased cost of borrowing?
- \ Could smartphones improve facilities management processes?
- \ Will firms seek facilities management cost reduction processes as economy 'cools' off?
- \ Will firms turn to facilities management after expert says cuts will be felt for at least two years?
- \ Will expert's comments inspire firms using facilities management to maximise marketing potential?
- \ Will upgraded BCC forecast buoy firms using facilities management?
- \ Will HMRC's 'dash for cash' lead more firms to adopt facilities management?
- \ Could firms using facilities management benefit from increased protection from criminal activity?
- \ Consumer confidence increase could boost firms using facilities management
- \ Could GDP rise buoy businesses using facilities management?
- \ Will the 'burden' of auto-enrolment lead to a rise in the use of facilities management?
- \ Will firms using facilities management be boosted by new HMRC approach
- \ Businesses using facilities management could be inspired to identify new markets
- \ Could gloomy outlook inspire facilities management use among hotel and restaurant operators?
- \ Firms using facilities management could be among those to support pension reform
- \ Could further VAT changes inspire increased use of facilities management?
- \ Will calls for tighter loan scrutiny boost firms using facilities management?
- \ Will firms using facilities management benefit from HMRC VAT advice?
- \ Will 'controversial' parking tax plans lead to increased use of facilities management?
- \ Firms using facilities management given chance to rate spending ideas
- \ Will firms using facilities management benefit from tax reform calls?
- \ Facilities management processes could help firms meet waste deals
- \ Firm hails facilities management cost reduction
- \ Accountancy changes could impact facilities management process
- \ Will inflation rates impact facilities management users?
- \ Retail facilities management could see upturn amid growing market confidence
- \ Firms urged to register for CRC
- \ More understanding could improve access to lending for facilities management firms
- \ Will firms using facilities management benefit from increased lending?
- \ How will Time to Train scheme affect firms using facilities management?
- \ Will firms using facilities management benefit from simpler invoicing processes?
- \ Will firms using facilities management heed HMRC phone scam warning?
- \ Do firms using facilities management distrust politicians?
- \ Will businesses using facilities management cope with job losses from public sector?
- \ Could businesses using facilities management benefit from mentors?
- \ Will firms using facilities management welcome regulation recommendations?
- \ Could a slowed recovery see Scottish firms turn to facilities management?
- \ Will firms using facilities management heed fridge freezer advice?
- \ Businesses using facilities management could be buoyed by Lib Dem comments on RBS profits
- \ Will firms using facilities management benefit from new rules to cut business red tape?
- \ Could facilities management help firms stave of HMRC's debt collectors?
- \ Could double-dip fears lead to increased use of facilities management?
- \ New HMRC workshop could benefit firms using facilities management cost reduction processes
- \ Will retail rise boost businesses using facilities management?
- \ Business using cost reduction techniques could benefit from tax appeals advice
- \ Could firms using facilities management benefit from flexible working?
- \ Facilities management 'hot topic' at green convention
- \ Business collaboration standards to benefit facilities management
- \ Could firms using facilities management be encouraged by call for LBRO overhaul?
- \ Will firms using cost reduction techniques benefit from Olympic preparation event?
- \ Is the tax system too time consuming for businesses using facilities management?
- \ Will data loss report encourage firms using facilities management to train up their staff?
- \ Will report findings inspire firms adopting cost reduction processes to improve their communication?
- \ Could firms using facilities management be boosted by OST's first task?
- \ Will the 'additional tax' of red tape inspire firms to use facilities management?
- \ Will firms using facilities management cost reduction processes seek alternative credit options?
- \ Will UK firms using facilities management follow the example of Irish businesses?
- \ Are private sector firms that use facilities management an example to public sector employers?
- \ Will UK retailers use facilities management during the 'calm before the storm'?
- \ Will falling confidence lead employers to adopt facilities management cost reduction processes?
- \ Could businesses turn to facilities management to ease the burden of supplying more jobs?
- \ Will govt's freedom initiative aid firms using facilities management cost reduction processes?
- \ Firms using facilities management could be boosted by expert's comments
- \ Will report inspire firms using facilities management to increase online activity?
- \ Could the UK's late payment issues inspire firms to use facilities management cost reduction process?
- \ Could leading sports store's use of new software inspire firms using facilities management?
- \ Could new software adopted by UK academy help firms using facilities management cost reduction processes?
- \ Firms using facilities management could be attracted to new seminar
- \ Could businesses using facilities management cost reduction processes benefit from blogging?
- \ Will firms turn to facilities management as consumers get the 'Budget blues'?
- \ Could facilities management help businesses ease the effect if a rise in insurance premium tax?
- \ UK firms could be inspired to use facilities management services following R3's VAT comments
- \ Could facilities management software help businesses manage their e-mail?
- \ Will VAT hike see firms turn to facilities management?
- \ Firms using facilities management could be encouraged by new tax calls
- \ Will end of seven-day 'grace' concession affect firms using facilities management cost reduction services?
- \ Could popular contract data system prove attractive to firms using facilities management?
- \ Stop. Collaborate and Listen.
- \ Will expert's comments inspire firms using facilities management to plan ahead?
- \ Will small businesses using facilities management be boosted by public sector job cuts?
- \ Could facilities management savings help firms increase IT investment?
- \ Could firms using facilities management save more money by leasing?
- \ Will firms using facilities management processes be encouraged by calls for governmental continuity?
- \ Could a VAT increase inspire use of facilities management?
- \ Calls for government to 'think small first' could encourage firms using facilities management services
- \ New 'zero-waste' strategy could prompt Scottish firms to rethink facilities management
- \ Firms using facilities management could be encouraged to budget for staff training following expert's comments
- \ Could new Spending Review help firms using facilities management?
- \ Will cost of sick employees lead to a rise in facilities management popularity?
- \ Could calls for tax law reform benefit businesses using facilities management?
- \ Interest rate prediction could boost firms using facilities management
- \ Will firms using facilities management be boosted by new online support?
- \ Could facilities management help firms get over export fears?
- \ Will IT firms expected to do more with less turn to facilities management?
- \ Would increasing the interest rate inspire use of facilities management?
- \ Could facilities management cost reduction help those affected by VAT rises?
- \ Could firms using cost reduction processes benefit after gov't told 'red tape isn't needed'?
- \ Could facilities management ease the effect of 'painful' spending cuts?
- \ Firms using facilities management could echo FSB's approval of NIC reversal
- \ Could retail facilities management and a reduction in red tape benefit UK firms?
- \ Could facilities management software and new bookkeeping solution help firms reduce costs?
- \ Will crackdown on tax avoidance encourage use of facilities management?
- \ Firms using facilities management to benefit from simple tax measures
- \ Could new software and facilities management help firms cut costs?
- \ Lack of skilled workers could make effective facilities management even more crucial
- \ Effective facilities management 'could boost employee wellbeing'
- \ Could effective facilitates management and a new EPOS system help firms cut costs?
- \ Will a reduction in public sector spending lead to rise of facilities management use?
- \ Will firms adopt facilities management process as CIOT sees fair and transparent taxation?
- \ Will firms seek facilities management assistance while the UK 'lags behind' in broadband quality?
- \ Will firms seek facilities management assistance as the new government focuses on 'cutting back regulation'?
- \ Will a rise in VAT request rejections lead to increased use of facilities management?
- \ Could rising unemployment lead to increased use of facilities management?
- \ Could facilities management cost control and a new chip and pin system save pharmacies money?
- \ Will use of facilities management rise as business confidence falls?
- \ Facilities management software could help businesses deal with rising paper waste
- \ Will political uncertainty inspire British firms to turn to facilities management providers for cost control assistance?
- \ Will new platform and facilities management savings allow firms to go online?
- \ Will firms using facilities management cost control procedures benefit from an increase in private sector outsourcing?
- \ Will firms seek facilities management assistance as 'critical' talks take place?
- \ Will hung parliament inspire firms to use facilities management cost reduction processes?
- \ Could facilities management and 'market-driven innovation' boost turnover at UK businesses?
- \ Could a hung parliament lead to increased use of retail facilities management?
- \ Could facilities management software and new filtering products save companies money?
- \ Could property maintenance complement new carbon reduction programmes?
- \ Would a hung parliament leave firms needing facilities management?
- \ Could facilities management offset the increased cost of temporary staff?
- \ Could firms using facilities management benefit from tax leniency calls?
- \ Will firms seek facilities management providers after NIESR highlights need for 'additional taxes'?
- \ Could e-mail 'tsunami' inspire use of facilities management?
- \ Could political 'abandonment' inspire use of facilities management?
- \ Could facilities management and online insurance help firms cut costs?
- \ Could facilities management and finance from banks help firms to invest?
- \ Facilities management users could benefit from new recovery centre
- \ Will firms seek facilities management after FSB deems credit cost worrying?
- \ Could facilities management and smart meters offer businesses increased savings?
- \ Could effective facilities management and a new software system save organisations money?
- \ Could effective facilities management leave more money for IT projects?
- \ Firms using facilities management could benefit from VCT rises
- \ Will firms turn to facilities management after narrow GDP growth?
- \ Could facilities management increase administrative efficiency?
- \ One-quarter of businesses 'suffer data attacks'
- \ UK warned of double-dip recession
- \ Economy 'too fragile' for small firms to take on new staff, says FSB
- \ Business turnover at a two-year high
- \ Businesses should employ efficient invoicing practices
- \ Could UK firms benefit from new data loss software?
- \ Businesses set for summer boost, says expert
- \ £15bn in invoices in 120 arrears
- \ Late payments revealed by Bacs report
- \ Businesses to be affected by sickness ruling, says FSB
- \ Businesses suffering as 'no improvement' in trading
- \ Sandwich chain set for expansion
- \ DSG set for expansion
- \ Businesses face property tax increases
- \ Economy remains weak, says BCC
- \ Government energy initiatives are a 'positive' step
- \ CIOT offers alternative to pensions tax relief restrictions
- \ Cable slams Labour and Tory public finance plans
- \ University saves £25k per year with data capture solution
- \ Cable slams Tory NIC proposals
- \ Value of retail sales increases
- \ Small businesses fear effects of double-dip recession
- \ Did small businesses benefit from the Budget?
- \ Minimum wage set to rise
- \ UK retail sales continue to grow
- \ CBI: Economy to remain sluggish
- \ Greggs announces profits boost
- \ Infosecurity Europe: Businesses are not prepared for security breaches
- \ Severe weather costs businesses £7bn
- \ 'Thin clients' could save firms money
- \ Cold weather results in £650m insurance claims
- \ Rok reaps rewards from facilities management focus
- \ O2 chooses AEA for energy contract
- \ Employers urged to help workers with back pain
- \ 99p Stores to boost retail numbers
- \ Olympics present facilities management contract opportunities
- \ Green Grid: Attitude shifting toward green IT
- \ Cyber attacks cost firms £1.3m per year
- \ Firms to concentrate on software upgrades
- \ Expert advocates use of torrent technology
- \ Cloud data 'is still firm's responsibility'
- \ Cloud technology could provide businesses with 'huge savings'
- \ Expert issues password advice
- \ Small firms 'bamboozled' over energy contracts
- \ Facebook seen as security threat
- \ OFT: Majority of malware is sent via e-mail
- \ Internet fraudsters are becoming 'more sophisticated'
- \ PwC: Cost cuts could leave firms open to fraud
- \ Consumers cut back could lead to cost cutting
- \ More firms to advertise on social media networks
- \ Insolvency data highlights cost management importance
- \ Businesses need more 'green incentives'
- \ British firms urged to cut energy waste
- \ Barclays fund to ease small firms' cost worries
- \ Small businesses are optimistic about 2010
- \ BT deal to increase internet speed
- \ Employers unhappy with costs of recruitment
- \ Export 'is the key to recovery'
- \ Cost management could become more important for UK firms
- \ Small businesses should not let recession affect energy efficiency
- \ Tips issued to ensure energy bills are 'slashed'
- \ Effective facilities management 'key to business performance'
- \ Facilities management cooperation 'key to sustainability'
- \ Healthcare facilities management cost to rise due to parking consultation?
- \ New legislation to bring down cost of battery disposal for businesses?
- \ Government assistance 'would help firms cut carbon'
- \ SMEs 'will waste £3bn on energy'
- \ Demand 'to rise' for IT-based facilities management
- \ Energy prices 'could be set for sharp rise'
- \ Facilities management upgrades 'are wide-ranging'
- \ Businesses are wasting energy, CBI claims
- \ Businesses 'can get bio-heating funding'
- \ 'Incentives needed' to encourage green processes
- \ Environmental changes to buildings 'will be tenant-driven'
- \ Firms 'unaware' of carbon-reducing ICT technology
- \ Smart meters to assist with efficient facilities management?
- \ Efficiency changes to aid facilities management?
- \ Remote working 'has benefits for businesses'
- \ Improving efficiency key to reducing cost of facilities management?
- \ Office rents predicted to rise as economy recovers
- \ IT "key" to facilities management cost reduction
- \ Investing in heating equipment 'can lead to savings'
- \ SMEs targeting facilities management cost reduction?
- \ Facilities management improvements to save businesses money?
- \ Businesses to use facilities management to cut power usage?
- \ Schools 'should focus on improving waste management'
- \ Companies 'spending less on facilities management'
- \ Failing to adjust timeclocks 'could increase facilities management cost'
