Wednesday, 13 July 2016

Should I give up? Or should I just keep chasing payments?

A group of small business owners have got together to try and highlight the plight of many businesses around the UK. Whilst they have made a humorous parody of Adele's Chasing Pavements, the subject is really serious.

We have been talking about late payments for far too long now. Government shows us a glimmer of hope, but it doesn't change the situation. Latest research now shows that of the 5.4 million SME's in the UK, they spend around 10% of their working day chasing non payment.

The problem gets even worse in the London area, poor old SME's spending 11 hours per month chasing late payments, when they could spend those 11 hours earning more money...

Xero, the accounting software people, run a website called, they have been out and about asking more than 1000 British businesses about the problem of late payments.

Some of the stats shown on their website show the problem to be an epidemic. More than half of UK business owners worry about unpaid invoices. The biggest issue being Cash Flow, the old saying cash is king has never been truer.

Xero also show that the HR and  IT & Telecoms industry get hit the worst, whilst the legal industry is hit the least - shocking I know...

Eazipay signed up as a Prompt Payer last year, through the Prompt Payment Code - perhaps your company should too?

There are a few other things you can do to get paid on time, we have a few tips here

Here is the Adele parody for you to watch:

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