Will firms adopt facilities management cost reduction processes as govt 'no help' with late payments?
September 28th 13:58 Cost Management
A number of smaller businesses operating in the UK could be tempted to adopt facilities management cost reduction processes following the publication of a new report.
Research recently published by Bacs has revealed that more than half (56 per cent) of UK businesses expect to receive no help from the government to tackle late payments.
This comes despite the total amount of money being owed to these firms rising by 28 per cent in the six months to June.
According to the study, the number of businesses affected by late payment for goods and services now stands at almost 770,000.
However, the report also showed that some firms have taken it upon themselves to tackle the issue, with the number of firms feeling the impact of late payments falling by 20 per cent in the same time.
Mike Hutchinson, head of marketing at Bacs, said: "It's extremely heartening to see that there are now many companies making great strides to help themselves beat the late payments cycle, by sharpening up their billing and credit control procedures."
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