Thursday 1st March, 2018
Following the Duty to Report regulations that came into force last April, new analysis from KPMG found not all companies are on-board with the new rules.
A report in The Times, said only 17 businesses in Scotland have complied with requirements under the payment practices and performance reporting rules, which require larger companies and LLPs to submit reports every six months on their B2B payment practices.
According to KPMG, that leaves nearly 900 corporations in Scotland alone that need to comply with the regulations, and said it would have expected at least double the number of compliant companies at this point.
Alan Flower, a director in KPMG’s regional advisory practice, said the findings could be damaging to small businesses (SMBs).
“We expect both the slow uptake in reporting and these initial results to be of concern to the small business community,” he said, according to the publication.
Just 27 percent of companies surveyed said they pay their own suppliers on time, and 69 percent said they are habitually late payers.
Last month the Chartered Institute of Credit Management (CICM) reported on the first duty to report data, which revealed that more than a quarter of all invoices were being paid late.