According to Concur, a provider of expense and invoice management services, late payments are very prolific across the UK, with 78 % of companies having paid their suppliers late.
The survey, which was undertaken during August and September 2015, questioned 500 businesses about their supplier invoicing processes, highlights that more than one third of businesses reported that they had faced charges for late payment of supplier invoices, 22 % had seen their orders cancelled and a quarter had even had a supplier refuse to work with them because of the late payment of invoices.
Furthermore, one in ten businesses are unable to accurately forecast their cash flow in relation to supplier liabilities at any time, meaning many organisations may have no idea of the true health of the business.
Moreover, 88 % of respondents report that their organisation receives calls from suppliers requesting updates on the payment status of their invoice, and around seven in ten say that this happens at least once a week. Over one in three companies are chased for updates more than once every day. Of respondents whose organisations receive calls from suppliers requesting updates on the payment status of their invoice, around three in five report that it is difficult for their organisation to provide an accurate update.
Concur, a part of SAP, is a cloud-based company providing travel and expense management services to businesses.
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