£15bn in invoices in 120 arrears
April 15th 15:38 Cost Management
Businesses looking to reduce their costs through effective facilities management could be among those being forced to wait for payment from other organisations.
According to a new report from banks NatWest and RBS, the collective amount of invoices that are paid late to small and medium-sized businesses in the UK now stands at £62.87 billion.
The report also revealed that £15.7 billion worth of invoices remain unpaid for longer than 120 days.
"Bad debts and late payment of invoices are endemic problems for UK businesses," said Peter Ibbetson, chairman of small business at NatWest and RBS.
"For more than one in ten firms, over 60 per cent of all their invoices are paid late, causing major cash flow problems for many. What's concerning is that so few are making use of services from their bank to help alleviate the problem," he added.
Businesses interested in looking into reducing their operating costs with facilities management can find out how by contacting Nickleby & Co.
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