Posted in News on 3 Jul 2012
From 1st August, Douglas Scott Legal Recruitment will pay all their SME suppliers within 30 days. We will be introducing some tighter accounting controls to ensure businesses are paid on time for goods and services supplied.
A recent survey by BACS, the not for profit body responsible for the clearing and settlement of automated payments in the UK, conducted a survey and the results of which were pretty hard hitting. SME's (small and medium-sized businesses) are spending around 130 hours a year chasing late payments. In real terms, this is about three weeks. On average, businesses are waiting 30 days after pre agreed credit terms before payment is received.
SME's make up the vast majority of our suppliers and we believe these types of businesses will drive the economic recovery. Shocked by these late payment statistics, we are 100% committed to paying our SME suppliers on time to foster good, best practice within the business community.