When it comes to late B2B payments, there’s good news and bad news.
The good news stems from the U.K., where new research has found that fewer invoices were paid late to small businesses (SMBs) in 2019 than in 2018. Among the success stories of the nation’s efforts to combat late supplier payments is construction firm Kier Construction, which, according to The Construction Index, has been reinstated to the U.K. Prompt Payment Code as of last month, following an internal initiative to improve supplier relationships and engagement.
“We remain committed to paying all our suppliers to agreed terms, and have made significant improvements in our payment processes whilst continuing to offer our subcontractors, particularly [SMBs], a range of accessible payment plans,” said Kier Group CEO Andrew Davies.