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UK businesses taking even longer to pay debts
It is now taking longer than ever for UK businesses to pay their bills, according to figures released by Experian. Based on payment patterns of more than 435,000 companies:
Since the introduction of late payment legislation in 1998, businesses overall are now taking an extra two days to make payment, with the current average standing at 61 day - almost two months.
As you might expect, large companies are the worst payers, taking 81 days, compared with medium sized companies taking 61 days.
All the more reason to call in the experts from QueryManagement! |
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OUTSOURING NOT JUST FOR MULTINATIONALS
Once, only multinationals would outsource their work, mainly offshore,but there has recently been a significant growth in the number of sme now looking to outsource.
As the credit crunch bites, small business owners are increasingly turning to outsourced workers rather than employ permanent staff allowing reduced overheads and administration of direct employment.
Late Payment Legislation
The UK was one of the first countries in the EU to introduce legislation to promote a culture of prompt payment. That was in 1998.Since then, in August 2002, provisions have been extended. more.... EXCUSES OF THE MONTH
Could you please call back later as the lady who arranges payments is having a coughing fit at the moment!
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