By Maximilian Clarke
With late payments at all-time high, businesses should consider outsourcing their accounts payable function, Carole Hughes, managing director Daniels Silverman, suggests.
“The latest research from payment organisation Bacs revealed the UK’s late payment culture is getting worse. The amount owed to SMEs [small and mid-sized enterprises] in late payments is at a worrying high of £33.6billion with SMEs waiting on average 28 days more than the original payment terms (at least two months) to get paid.
“Outsourcing this function to credit management specialists can significantly improve cash flow and peace of mind, allowing SMEs to focus on their main business. By highlighting the fact that late payments will be outsourced, upfront in their terms and conditions, SMEs are much more likely to receive prompt payment and payments that are overdue and become debts can be pursued more successfully using a range of debt collection techniques.”
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