38 percent of B2B invoices are overdue in the UK, Sidetrade’s latest data reveal.
In its latest report on the state of late payments, Sidetrade found that as of May 25, the finance, insurance and real estate sector has been hardest hit by overdue B2B invoices, with at least 76 percent of invoices more than 10 days past-due.
Meanwhile, the information, communication and technology (ICT) sector sees 60 percent of its invoices overdue, and leisure and hospitality has 55 percent of invoices over 10 days past-due. Despite the troubling findings, Sidetrade noted that across all six nations analyzed, there has been a significant improvement in invoice payment habits — though it warned that late payments remain high across the board.
Key Stats
67 percent of businesses expect revenue declines as a result of the pandemic
One in four U.K. small and medium-sized businesses (SMBs) doubt they’ll survive to 2021
40 percent of small businesses in the U.K. now have more than $12,670 stuck in B2B receivables as they wait for their invoices to be settled
IBM had been paying 55 percent of its invoices in 60 days or less; it now pays 90 percent of bills within that timeframe