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   overdue invoices at highest level for two years

Late Payments Reach Two Year High

April 10 2016

The number of late payments experienced by UK businesses were at a two year high at the end of 2015 according to a new survey.   One in six firms reported customers failing to pay for goods and services on time.

While overall, late payments increased by 12% from Q4 2014 to Q4 2015, construction was particularly hard hit.  Late payments in this sector surged by 26%.

It was not all bad news, however as the automotive and electronics sectors both recorded a drop in late payments.

Samantha White, CEO of My Credit Controllers commented:

“This latest survey clearly demonstrates that businesses need to stay right on top of collections if they are not to be used by customers as a cheap source of credit.  A well-run business is serious about credit control.  Bringing in your invoices in a timely way reduces the need for external borrowings and reduces the risk of getting caught by a bad debt.”

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