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Late payments affect mental well-being of UK SME owners

Late payments affect mental well-being of UK SME owners

News   •   Sep 19, 2019 08:45 +08

​SME owners were probably not told when they started their businesses that their mental well-being would be at stake, and that it would suffer when they are owed money by their customers.

Freelance writer documents accounts receivable nightmare

Freelance writer documents accounts receivable nightmare

News   •   Sep 16, 2019 08:30 +08

A freelance writer who was owed US$5,000 by several companies has documented her process of trying to get paid, which resulted in hiring a lawyer to write a demand letter and severing her relationship with one company.

US-China trade war slows down demand for Singapore businesses

US-China trade war slows down demand for Singapore businesses

News   •   Sep 09, 2019 08:30 +08

Singapore businesses exposed to the international environment are feeling the negative effects of the US-China trade war, as orders from customers in China slow down.

Indian Discoms must now use letters of credit when buying power

Indian Discoms must now use letters of credit when buying power

News   •   Aug 12, 2019 13:28 +08

The Indian government is trying to reduce delayed payments in the energy industry by making it mandatory for state power distribution companies (Discoms) to use letters of credit when they buy power.

Indian government to set up payments portal for SMEs

Indian government to set up payments portal for SMEs

News   •   Aug 12, 2019 13:18 +08

The Indian government is looking at setting up a payments portal so it can pay SMEs faster and improve their working capital and cashflow.

Aussie small businesses owed A$115 billion in late payments every year

Aussie small businesses owed A$115 billion in late payments every year

News   •   Aug 07, 2019 08:45 +08

Small businesses in Australia are owed a total of A$115 billion in outstanding invoices every year, with over half of all trade credit invoices to SMEs being settled an average 23 days after they are due.

Vicious cycle: SMEs paid late owed £50 billion to their suppliers in 2018

Vicious cycle: SMEs paid late owed £50 billion to their suppliers in 2018

News   •   Aug 05, 2019 12:30 +08

Unpaid invoices or late payments can set off a chain reaction that causes delays and instability in supply chains and the wider economy. SMEs in the UK that were paid late ended up owing money to their suppliers in 2018, leading to a cycle of late payments.

Directors of large companies in the UK to be responsible for payments to SME

Directors of large companies in the UK to be responsible for payments to SME

News   •   Aug 01, 2019 08:45 +08

Directors at large British companies may soon be responsible for making timely payments to smaller companies, if proposals by small business minister Kelly Tolhurst go through.

Kenyan government urged to set up fund to pay SMEs

Kenyan government urged to set up fund to pay SMEs

News   •   Jul 31, 2019 08:45 +08

The Kenya National Chamber of Commerce and Industry has urged the government to set up a US$100 million fund to pay small- and medium-sized suppliers that have been waiting years for payment.

Pakistan State Oil receivables dangerously high due to circular debt

Pakistan State Oil receivables dangerously high due to circular debt

News   •   Jul 30, 2019 08:45 +08

Pakistan State Oil, a petroleum marketing and distribution company, is trying to collect receivables of more than US$2 billion as the country suffers from circular debt that is crippling the power sector.

India's renewable energy ministry to publicly disclose payment delays

India's renewable energy ministry to publicly disclose payment delays

News   •   Jul 29, 2019 09:00 +08

India's Ministry of New and Renewable Energy (MNRE) has said it is considering setting up a web portal to publicly disclose payment delays to renewable energy companies from power distribution companies.

Queensland government to pay suppliers within 20 days

Queensland government to pay suppliers within 20 days

News   •   Jul 26, 2019 09:00 +08

The Queensland government in Australia is moving to pay its suppliers faster. As of 1 July next year, it will change its payment terms to 20 days from 30 days.

Big businesses rip off A$7 billion from small companies annually

Big businesses rip off A$7 billion from small companies annually

News   •   Jul 25, 2019 08:45 +08

A survey has shown late payments to be a A$7 billion problem, significantly slowing the growth of SMEs in Australia.

UK minister warns major contractors about late payments

UK minister warns major contractors about late payments

News   •   Jul 24, 2019 12:30 +08

Minister Oliver Dowden has repeated a warning to major government contractors that they must pay small businesses on time or risk losing out on government contracts.

UK companies are using subsidiaries to get around late payment law

UK companies are using subsidiaries to get around late payment law

News   •   Jul 22, 2019 13:00 +08

Companies are taking advantage of a loophole to sidestep late payment laws in the UK, by not revealing the payment performance of their subsidiaries.

Sisk CEO blames suppliers' incorrect invoices for delayed payments

Sisk CEO blames suppliers' incorrect invoices for delayed payments

News   •   Jul 08, 2019 07:27 +08

The CEO of John Sisk & Son has blamed the company's suppliers for submitting incorrect invoices, which resulted in them being paid late.

Half of regulated UK supermarkets not keen on signing payment code

Half of regulated UK supermarkets not keen on signing payment code

News   •   Jul 05, 2019 07:24 +08

A politician in the UK is questioning why some major UK supermarkets are not signing up for the Prompt Payment Code.

Small businesses could soon hit back at dishonest banks with lawsuits

Small businesses could soon hit back at dishonest banks with lawsuits

News   •   Jun 11, 2019 08:21 +08

Banks might soon be able to be sued by small businesses in the UK who were victims of their predatory lending practices.

South African public companies shy to disclose when they pay SMEs

South African public companies shy to disclose when they pay SMEs

News   •   Jun 11, 2019 08:17 +08

In South Africa, late payments have been known to kill small businesses, with as much as 40% of late payments being written off and 70% of SMEs failing within the first two and a half years.

Payment delays in India affect renewable energy companies

Payment delays in India affect renewable energy companies

News   •   Jun 10, 2019 08:14 +08

Payment delays in India by power distribution companies (also known as DISCOM) are affecting the cash flow of solar and wind energy companies in the country.