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You will have seen a lot of information relating to the new GDPR compliance coming into force in May. Most large businesses have had programs in place since the new year to ensure they comply when the time comes. Businesses have set up their internal processes to ensure data is mapped and privacy policies have […]
During the recent weeks we have seen the issues with Carillion affect a large number of sub contractors and small business. It is commonly known that the construction industry is one of the hardest to ensure you receive payment on time as there are such a lot of variable factors that can delay payment. Recent […]
Online business supermarket Funding Options have recently released statistics to show that the construction sector is continuing to suffer from a steady increase of nearly 8% in debtor days comparing year to year. The recent analysis of 13,213, UK construction companies have shown that during 2016/2017 the average debtor days has increased to 69 days. […]
According to results from the Zurich SME Risk Index , SMEs are owed an estimated £44.6 billion in late payments. Resolving late payment issues is vital for SME’s survival. using Late Payment Legislation as leverage is very effective. Worries over harming customer relationships can deter small business managers and owners from suggesting they will charge […]
The construction industry is fraught with late payment and poor payment practices, in fact late payments rose by 27% within the construction industry in 2015,* with construction businesses writing off almost £15,000 on average in the past year **. The Construction Act can be used a vital resource in the construction industry to understand your […]
A recent survey, carried out by the Federation of Small Businesses (FSB), found that of all invoices issued by SMEs to larger businesses, over 50% are paid late, with BACs estimating the cost to SMEs of chasing these late payments as £8.2 billion a year. Although poor payment practices is very slowly improving amongst UK […]