{"id":15184,"date":"2020-01-21T00:00:00","date_gmt":"2020-01-21T00:00:00","guid":{"rendered":"https:\/\/clearway.vanillabeancreative.com\/news\/smes-waited-double-as-long-to-be-paid-in-2019-compared-to-2018\/"},"modified":"2024-04-05T11:14:54","modified_gmt":"2024-04-05T11:14:54","slug":"smes-waited-double-as-long-to-be-paid-in-2019-compared-to-2018","status":"publish","type":"post","link":"https:\/\/www.clearway.co.uk\/news\/smes-waited-double-as-long-to-be-paid-in-2019-compared-to-2018\/","title":{"rendered":"SMEs waited double as long to be paid in 2019 compared to 2018"},"content":{"rendered":"<p><strong>SMEs were left waiting up to 23 days longer than agreed for invoices to be paid in 2019, compared to just 12 days later in 2018, according to a report by MarketFinance Insights.<\/strong><\/p>\n<p>The UK\u2019s small businesses are being put under huge financial strain as debtors leave them waiting longer and longer for invoices to be settled, a problem that is putting the survival of many SMEs at risk.<\/p>\n<p>The report by MarketFinance Insights analysed over 100,000 invoices from 990,000 UK SMEs between 2013 and 2019.<\/p>\n<p>Key findings from the report included:<\/p>\n<ul>\n<li>Invoices being paid late were generally of a larger value than those being paid on time.<\/li>\n<li>\u00a334 billion is owed in late payments to UK SMEs, that\u2019s an average of \u00a334,286 per business.<\/li>\n<li>The number of businesses facing late payments dropped from 43% in 2018 to 39% in 2019.<\/li>\n<li>Larger debtors usually request longer payment terms and then also pay later when compared to smaller debtors.<\/li>\n<li>Businesses in the professional and legal industry suffered the most with late payments.<\/li>\n<\/ul>\n<p>The research found that late payments were particularly problematic in the professional and legal industry where a shocking 70% of invoices were paid late, compared to just 30% in 2018.<\/p>\n<p>Other industries that are suffering significant late payment problems include manufacturing and retail.<\/p>\n<p>Bilal Mahmood, External Relations Director at Market Finance said: \u201cLate payment practices harm business cash flow, hampers investment and, in extreme cases, can risk business solvency. Separate research we\u2019ve conducted highlighted that 87% of businesses are prevented from taking on more orders because of the cash flow constraint owing to late payments.\u201d<\/p>\n<p><strong>If your business is having problems with late or non-paying customers, get in touch with our team of experts here.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SMEs were left waiting up to 23 days longer than agreed for invoices to be paid in 2019, compared to just 12 days later in 2018, according to a report by MarketFinance Insights. The UK\u2019s small businesses are being put under huge financial strain as debtors leave them waiting longer and longer for invoices to&#8230;<\/p>\n","protected":false},"author":12,"featured_media":16108,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7],"tags":[],"area":[50],"class_list":["post-15184","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","area-evictions-debt-recovery"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SMEs waited double as long to be paid in 2019 compared to 2018 - Clearway<\/title>\n<meta name=\"description\" content=\"SMEs waited double as long to be paid in 2019 compared to 2018 - Read the full story here at Clearway - leaders in property protection - securing tomorrow today.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.clearway.co.uk\/news\/smes-waited-double-as-long-to-be-paid-in-2019-compared-to-2018\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SMEs waited double as long to be paid in 2019 compared to 2018 - 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