Small businesses declared to be the fastest bill payers

Analysis and survey firm Dun and Bradstreet have recently conducted a survey for the March-June 2014 quarter as to time taken for businesses to pay their bills. The results were positive during the second quarter in 2014. 66% of commercial invoices were paid between 1-30 days, this was up from 59% in the second quarter of 2013.

• Large companies employing over 500 staff were the slowest payers, taking 52.5 days on average.
• Businesses with 1-5 staff took 40 days to pay their invoices.
• Businesses with 6-19 staff were faster to pay their invoices, but only just, taking on average 39.6 days.
• The fastest business sector was forestry, taking on average 34.9 days to settle bills.
• The slowest was utilities, taking on average 48.2 days.

Most businesses need their clients to pay on the due date so that cashflow is available to pay your creditors. If you need some assistance with your slow payers, please call CollectIT on 07 834 9111 and discuss our Ledger Management service.