{"id":2245,"date":"2012-07-08T09:55:05","date_gmt":"2012-07-08T09:55:05","guid":{"rendered":"http:\/\/tf.themedraft.com\/wp\/xzopro\/?p=117"},"modified":"2019-10-15T15:45:08","modified_gmt":"2019-10-15T15:45:08","slug":"financial-reporting-council-could-see-significant","status":"publish","type":"post","link":"https:\/\/shirerecoveries.co.uk\/?p=2245","title":{"rendered":"37bn owed to SMEs"},"content":{"rendered":"<h3><strong>Michael Fallon, the Business and Enterprise Minister, is on record as saying that he\u2019s going to war on the issue of late payments and, with some \u00a337bn owed to small companies, it\u2019s not a moment too soon.<\/strong><\/h3>\n<p>Particularly when you realise that this equates to around \u00a330,000 on average for every small business in the land!<\/p>\n<p>And he\u2019s putting his money where his mouth is; Fallon has gone as far as to give all FTSE 350 businesses just one month to sign up to the new rules on prompt payment of suppliers or face a \u201cnaming and shaming\u201d.<\/p>\n<p>The Prompt Payment Code is run by the Institute of Credit Management on behalf of the Department for Business, and its latest research reveals that smaller suppliers wait on average 41 days longer for payment than their contract stipulates.<\/p>\n<p>The Sunday Telegraph and The Daily Telegraph have put their collective weight behind the campaign and are encouraging small businesses to speak out against the big businesses that are proving to be amongst the worst culprits. Whilst we don\u2019t have quite the same \u201cclout\u201d, we\u2019re behind Mr Fallon every step of the way but, in the meantime, we\u2019re committed to helping those small businesses with monies outstanding to get what they\u2019re owed.<\/p>\n<p>This new stance comes as no surprise to Shire Recoveries General Manager, Rob Bates. He said \u201cThe late payment problem has been getting out of control for some time now and something needed to be done. Over the past year we have seen a major increase in the amount of late payment days, especially in the motor factor industry. We helped many motor factor businesses collect their late payments and in some cases customers were waiting nearly 80 days for payment.\u201d<\/p>\n<p>\u201cWhat impact the prompt payment scheme will have remains to be seen but I feel credit management has a lot to answer for. When it comes to credit management, businesses need an affective strategy and we have become an integral part for many of our customers. Our specialist team have the experience of stopping debts from becoming toxic and collecting within the agreed payment terms\u201d<\/p>\n<p>If you\u2019d like help or would like to know more, call Rob Bates or one of his team on 01827 300 326.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Michael Fallon, the Business and Enterprise Minister, is on record as saying that he\u2019s going to war on the issue of late payments and, with some \u00a337bn owed to small companies, it\u2019s not a moment too soon. Particularly when you realise that this equates to around \u00a330,000 on average for every small business in the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2301,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[223,34],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>37bn owed to SMEs -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/shirerecoveries.co.uk\/?p=2245\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"37bn owed to SMEs -\" \/>\n<meta property=\"og:description\" content=\"Michael Fallon, the Business and Enterprise Minister, is on record as saying that he\u2019s going to war on the issue of late payments and, with some \u00a337bn owed to small companies, it\u2019s not a moment too soon. 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