Speeding up late payments

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NEWS that 62 per cent of invoices sent by small businesses are being paid late has led a small business specialist to take action.

The report, by peer-to-peer business lender MarketInvoice, shows that the UK is one of the worst major economies for paying on time and the issue is getting worse each year.

James Darville, who runs TaxAssist Accountants in Havant, said: ‘I have seen first-hand the problems late payments can cause. It’s time we stopped accepting late payment as the norm.

‘We’ve been looking at practical ways to help our small business clients. This includes the introduction of Intuit QuickBooks, online accounting software which lets users send invoices in minutes and get paid two days faster. Clients are saying it’s not only reducing the time it takes to create invoices, it’s also speeding up payments.’