New payment terms for business
The reformed Prompt Payment Code should improve the financial position of many small businesses, but those at the end of a supply chain may stull suffer says Martin Wheatcroft, and invoicing and purchase processes will need to keep up
IDespite technological assistance, the way businesses pay each other remains stubbornly slow. Delays in payment from customers is one of the most significant financial issues confronting small businesses as they try to manage cash flow. This in turn can make the difference in being able to pay staff or their own suppliers.