Government and business press for prompt payment
The Government and industry is calling on businesses and public organisations to pay suppliers on time and for small firms to pursue those who put them at risk by delaying.
Business Minister Mark Prisk announced that a new working group of business representatives would examine issues behind late payment, while the Association of Chartered Certified Accountants (ACCA) published a new guide on prompt payment.
This is of particular importance to small and medium-sized enterprises (SMEs), as with the failure of payments these small firms can struggle to keep afloat.
Advice and guidance for small businesses to help them make sure they are paid on time and seek redress if they are not is part of the Finance Fitness campaign, which sees government and businesses working together to help SMEs.
Get Paid!, a new guide for small businesses published by the Association of Chartered Certified Accountants (ACCA), contains tips and advice from both suppliers and customers, as well as valuable lessons from small businesses such as advice on invoicing and developing a well-defined credit policy.
Mr Prisk said: “It is hugely important that all businesses, particularly small firms, establish clear payment terms to ensure they get paid on time and successfully manage their cashflow.”
Phil Orford, Chief Executive of Forum of Private Business, said: “I’m pleased to see getting paid on time being given the attention it merits as a vital aspect of small businesses’ cash flow management.”
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