Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
Story Views
Now:
Last hour:
Last 24 hours:
Total:

UK businesses confess to ‘late payment’ double standards

% of readers think this story is Fact. Add your two cents.


15th February 2018 – Many UK businesses are demanding speedy payments from their business customers despite not paying their own suppliers on time, research from eProcurement software company Wax Digital has shown.

While 64% of senior finance managers have ‘sacked’ customers for consistent late payment and 41% have delayed paying wages, only 27% always pay their own suppliers on time and 69% admit to being frequent late payers.

Over 200 executives were questioned independently by Sapio research on behalf of Wax Digital in late 2017. While 43% said late payment is unfortunate and should be avoided, 12% said it was “the norm” and 18% said it was “out of their control”.

The research showed that many invoice payment delays are not intentional but simply down to ineffective and inaccurate processes that could be improved. For example, 31% cited invoice processing timescales as a reason for lateness, 26% said internal errors were to blame, and 29% said it happened when the purchaser was late notifying finance about what they had bought.

As well as the buyer’s shortcoming, often it’s the quality and accuracy of suppliers’ invoices that delays payments. 26% pay late because of supplier errors, such as inaccurate wording, missing purchase orders or incorrect values on invoices. Providing online portals for supplier eInvoicing seems to be a popular solution to these issues – 97% said they would use this technology if supplied by their customers.

If organisations want to maintain a healthy supply base, consistent invoice processing is essential. 88% said being paid without financial errors contributed to a good working relationship, followed by on time payment for 86%. Clients offering early payment discounts was important for 77%.

Daniel Ball, director at Wax Digital, comments, “While in some cases late payments is an unfortunate vicious circle caused by businesses simply not sticking to the terms of their contract, there are many times when it is simply the result of inefficiency. Poor invoicing processes don’t just mean delays with money changing hands; they can also mean an end to carefully sourced supplier relationships, and reputation, costing the business much more in many different ways. But they are very simple to solve, through the adoption of eInvoicing processes.”

Wax Digital has published an in-depth research report studying the impact of The Trouble with Invoices and what can be done to solve them.



Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 888-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Report abuse

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.