SMALL SUPPLIERS STILL SUFFER AT THE HANDS OF BIG BUSINESS SLOW PAYER ETHIC
March 7th, 2017.



In response to the Duty to Report regulation coming into force, research from Bottomline Technologies latest UK Payments Barometer Report reveals that UK businesses are still suffering from unacceptable levels of slow payer ethic, and is warning that large businesses can no longer hide behind process and complexity when it comes to payments.


This follows an upcoming report from Bottomline, which will reveal that on average 38 per cent of UK financial decision makers claim slow payer ethic is their single greatest challenge to getting their businesses’ invoices paid. Most worryingly, almost half of respondents from small to medium-sized enterprises (SMEs), cite this to be their biggest issue.

This is despite the Duty to Report regulation coming into force yesterday in the UK. The regulation follows the Small Business, Enterprise and Employment Act 2015, in response to the £41.5 billion overdue payments owed to SMEs, by large businesses.

Under the new rules, large businesses and limited liability partnerships (LLP), are obliged to publish information about their payment practices and performance twice a year on a government services database. Non-compliance is a criminal offence for which both the company and its directors will be liable to a fine on conviction.


For the full story at smallbusiness.co.uk CLICK HERE