Over a third of small and medium-sized businesses (SMEs) claim that the most difficult part of their operations is getting clients and suppliers to pay up on time, according to a new poll.
Accountingweb.co.uk reports that a survey conducted by UK Business Forums found that 32 per cent of entrepreneurs were finding late payment to be their biggest business problem.
Dan Martin, chairman of UK Business Forums, told the website: "Getting payment on time is particularly vital to small firms operating on a tight budget."
He added that research from the Federation of Small Businesses had revealed large companies to be the biggest offenders with some taking up to 64 days to settle invoices.
"With small firms making up the majority of UK businesses, they are the main victims. It's time the late payers paid up," he said.
In a recent interview with the Telegraph, newly appointed secretary of state for business and enterprise John Hutton said the cabinet would be introducing reforms to better assist the way that SMEs conduct their affairs.
