Small Business late payment costing SMEs £1.6Bn

Small Business Late Payment and the cost of such has more than doubled in the past two years, reaching £1.6 billion at the end of 2023, according to a report by Xero.
The latest quarterly data shows small firms were paid, on average, 6.1 days late during the last three months of 2023. This figure shows no signs of improving, with the average payment still received over a working week beyond the agreed terms.
The current trading conditions are being added to by the growing cost of small bus