Late payments revealed by Bacs report
April 14th 15:15 Cost Management
UK businesses, including those looking into facilities management cost reduction, are having their cash flow impacted by an increasing trend of late payments.
According to the latest research from Bacs Payment Schemes, small to medium-sized businesses are being forced to wait up to 41 days beyond deadline agreements to receive payments for goods and services.
This represents an increase of 9.5 days since June 2009, according to the study.
Large companies are seen by small businesses to take the longest to pay, followed by sole traders, other small firms and not-for-profit organisations.
Phil McCabe, a spokesperson for the Forum of Private Business, said: "Late payment is a huge problem for small businesses and it's highly disappointing to hear that small firms have to wait even longer to be paid.
"Late payment is frequently cited as the number one problem facing our members, eclipsing even taxation and regulation. With its damaging impact on a company's cash flow, it can cause a perfectly viable and successful firm to fold." 
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