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Payment delays are preventing small businesses from expanding
The Small Business Commissioner (SBC) has warned that late payments are blocking the growth of small businesses. In an address to ICAEW, the SBC said that payment delays are preventing small businesses from expanding and creating jobs. In her address, Liz Barclay noted that 5.7 million small businesses employ 60% of the UK’s workforce. We’ve […]
How to Defend Your Cash Flow in 2022
The last two years have been quite a rollercoaster for UK and global businesses alike, and many have seen their cash flow taken a hit. Some have been bolstered by government financial aid, some were lucky enough to have cash reserves to rely on and sadly, some were unable to make it through the pandemic […]
Why is the supply chain affecting late payments?
Sidetrade, a fintech software supplier to businesses, launched the timely Sidetrade Unpaid Invoice Tracker in January 2020. Since then, it has been tracking the level of unpaid invoices across multiple countries and individual sectors. It displays some interesting insights and positively, unpaid invoices (10+ days late) across the UK have dropped by 22% since the […]
New Buy Now Pay Later Commercial Card Solution from Mastercard
Is the new Buy Now Pay Later commercial card solution from Mastercard just a sticking plaster to hide a much deeper rooted issue or could it really help businesses get paid on time? Mastercard has just announced a world-first Buy Now Pay Later (BNPL) card specifically aimed at SMEs. Join us as we take a […]
One in Five SMEs Are Sitting on Late Payments Owed to Them of Over £200,000
Time Finance published new data that reveals that 70% of businesses are awaiting overdue and late payments from their customers. We were shocked to learn that one in five SMEs are sitting on late payments owed to them of over £200,000. We take a look at the statistics here and what this means for businesses. […]
Am I a Secured, Preferential or Unsecured Creditor?
If a business goes bust and you’re owed money, it is natural to want to know when you’ll get paid. Unfortunately, when this happens, there is usually very little you can do to influence the outcome, and that all depends on your status as a creditor. We often find clients wondering “am I a secured, […]
Autumn 2021 Budget: An Outlook for Businesses
Chancellor of the Exchequer, Rishi Sunak, announced his Autumn 2021 budget this week, paving the way for the economy for the next six months. We take a look at some of the key takeaways from the announcement and what they mean for businesses. 50% cut of business rates & freezing of business rates multiplier Businesses […]
Business Tips with Sean: Part Three
Businesses are wading into Q3 and it’s time for another round of Business Tips with Sean. Last quarter we looked at starting a business as well as corporate tax returns and before that we looked at outsourcing and commercial debt recovery. This quarter, Sean shares his wisdom on debt recovery, growing your business and Buy […]
SME Confidence Is Rising
Business confidence has hit some record lows throughout the pandemic and many have cut spending and investment to survive. Government-backed loans and schemes, such as furlough, have been a lifeline for many. There is still a long way to go, and the end of the furlough scheme, coupled with the need to pay back bounce […]
More than 50% of UK SMEs were hit by late payments throughout the pandemic
Pay.UK and the Chartered Institute of Credit Management commissioned a detailed analysis of the impact of COVID-19 and other economic factors on SMEs. The results found that over half of UK SMEs were hit by late payments throughout the pandemic, with a combined total of debt sitting at £17.5 billion. The research was conducted to […]
