LARGE firms are getting better at paying their bills promptly, a report has revealed.
Four years after the Prompt Payment Code was launched, business information group Experian said the difference between the late payment times of the largest firms – those employing more than 1,000 employees – and the smallest – up to 25 employees – had improved significantly, falling by almost nine days during this period and driven by better payment behaviour among the UK’s biggest companies.
Overall payment times have stayed relatively stable over the period – currently 25 days beyond term – but Experian said more could be done by companies to tackle late payment.
