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Raeside Chisholm Solicitors

The directors of Raeside Chisholm are experienced solicitors who enjoy a deserved reputation in Glasgow and beyond for personal attention allied to a commitment to outstanding levels of quality legal services. For enquiries, please contact us on 0141 248 3456.
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Businesses Continue to Face Late Payment Issues

Over half (61%) of invoices issued by UK small and medium sized enterprises (SMEs) remain unpaid within the debtor day period, according to new research.

The report, which was commissioned by Amicus Commercial Finance, also found that 16% of SME invoices remain unpaid after 90 days and of these, almost half (7%) have yet to be settled after six months. In addition, almost three-quarters (70%) of firms say they rely on getting paid during their debtor day period to avoid facing a shortage of working capital.

Medium-sized businesses with between 50 and 249 employees are the worst affected by delayed payments, with a quarter (24%) of invoices remaining unpaid after their debtor day period.

The study underlines the extent to which SMEs often rely on a small number of customers and how delayed payments from these can have serious consequences; according to the findings, SMEs' top three customers on average account for almost half (49%) of their overall revenue.

The report also highlighted the psychological impact that these lengthy delays in paying invoices can have on business owners. Almost a third (28%) said it has caused them considerable stress and anxiety and a fifth (19%) reported that ongoing late payment had made their frustration turn into anger. One-in-ten (10%) admitted they became scared their business would go bust.

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If debt recovery and late payment of invoices is causing a problem for your business, then contact our specialist commercial lawyers today for expert advice and guidance.

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