August 18 2015
Accounting software company SAGE has launched an online petition as part of a campaign aimed at getting businesses to pay their invoices from suppliers within thirty days.
SAGE claims that its own research puts the total of overdue invoices owed to small businesses at £55bn, a significant increase on the government’s estimate of £27bn. The company has also found that 68% of small business owners say that they have had to wait more than 60 days for payment and that more than half say that they have to wait for more than 90 days.
The company has promised to practice what it preaches, by paying all suppliers within 30 days.
Samantha White, CEO of My Credit Controllers said: “My Credit Controllers welcomes this initiative to highlight how damaging late payments are to small and medium sized businesses.”
“Time spent on debt collection is time that small and medium sized businesses can ill afford. Fortunately there’s help out there, and it need not cost you a penny. New rules mean that you can add your costs and interest to the late invoice value, allowing you to use a professional debt collection company to chase overdue payments at no cost to your own business.”
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