24th August, 2018
A new report issued by Invu; “Changing trends in the purchasing processes of UK businesses” has revealed issues among SMEs when it comes to payments.
The report issued by accounts payable and purchasing solutions provider Invu revealed a significant majority (60%) of businesses within the UK are struggling to pay suppliers within agreed payment times, while one in five have described the issue as a significant problem.
And it's large businesses which are facing the biggest challenge on supplier payments, with 64% of finance decision makers within these companies reporting problems with paying on time. However, it is at least in decline compared to similar research commissioned in 2016, when 83% of businesses reported issues with late payments.
These latest findings come after separate research by The Prompt Payment Directory on the UK business community revealed that half (50%) of SME owners admitted to being placed ‘on a knife edge’ while waiting for payments to be finalised. It also comes months after the Government introduced new Payment Practice Regulations, which require large businesses to publicly report their payment practices.