Large companies slowest to pay invoices in Q1 2013

Data from Experian on invoice payments in the first quarter of 2013 reveal that large companies in Northern Ireland and the rest of the UK are the slowest at paying invoices.

Companies with 501 or more employees took on average 33.9 days after agreed terms to pay their invoices in the first three months of 2013, an increase from the 31.7 days it took them in the first quarter of 2012. Small businesses with one or two employees paid their bills within 27.9 days after agreed terms, 4.5 days faster than the same quarter last year. The overall average for invoice payment by companies in Northern Ireland and the rest of the UK is 24.7 days after agreed terms.

Small businesses are the most affected by late invoice payments, as the cash-flows of smaller companies are generally much less capable of withstanding just a few late bill payments before the ability of the business to operate is restricted. In the past months Northern Ireland businesses have sought to improve their invoice payment chasing procedures to minimise the amount of customer debt that builds up. Where necessary, they will often refer a customer debt to an external company specialising in debt recovery.

If you would like to receive information about the Wilson Nesbitt solicitor debt recovery system, contact one of the team by calling 0800 840 9291, or to read more information about the service click here.