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SMEs badly hit by late payments

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Written by: Bristol Post | Posted 18 August 2017 15:37

SMEs badly hit by late payments

Late payments hit medium sized companies as hard as they do small businesses, with 94% of firms employing over 50 people reporting cash-flow problems caused by the issue, according to figures from Bristol-headquartered Ultimate Finance.

Ultimate Finance conducted research into the impact of late payments on the SME sector.

Other stats include:

• Overall, 81% of SMEs (small to medium sized enterprises) state late payments are an issue

• 51% say their business would run smoother if they had fewer late payments

• 82% are owed up to £25k (this rises for medium-sized companies owed an average of over £30k in late payments).

Anthony Persse, Director of Strategy at Ultimate Finance, said: “SMEs and corporates are full of intelligent people who understand the challenges better than anyone.

"They should be the ones to create the solution, with support from government and the wider industry – not the other way around.”

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