November 10th, 2017.

A new report identifies liabilities associated with late payments culture spanning jobs, innovation and investment for medium-sized businesses.

Concur releases a major report examining the UK’s late payment culture, which is putting job creation at risk. The report, entitled Invoice Utopia, includes detailed YouGov polling of 1,233 British businesses and sheds new light on the consequences of poor invoice processes.

The report is published just days after the government announced its Made Smarter industrial strategy, which outlined proposals to create 175,000 new manufacturing jobs and add £455 billion to the economy by embracing the Fourth Industrial Revolution.

The report highlights the consequences of late invoice payments, with businesses being forced to take action to protect cash flows. Responding to the problem companies said they would have to take the following steps: making redundancies (seven per cent), stopping planned investments (17 per cent), being unable to pay salaries (15 per cent) and significantly reducing innovation spend (ten per cent).

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