Newsletter
December 2018 Newsletter
Which industries are the slowest to pay?
A new report has surfaced revealing the industries that take the longest to make payments to small and medium-sized enterprises, with small businesses actually being one of the most on time payers on this list. ‘Prushka Fast Debt Recovery’, surveyed approximately 550 SMEs as part of their latest study since 2006 to see which industries are the slowest to pay invoices and debt.
According to this study conducted by ‘Prushka’, the following industries were classified as the slowest to pay invoices:
• The Building and Construction industry came in first with 21.2% of businesses saying that they experience late payments
• ‘Other’ came in at second with 10.5% of businesses saying a multitude of business types are consistent with paying late
• In a close third was the Professional sector at 8.8%
• Then came the Retail sector just behind at 8.3%
• The latter stages of the results showed that the Dental and Medical industry were approximately 6.9% for late payments
Invoicing is one of the most important business aspects that needs to be processed on time for SME’s, to minimise bad debts on their cash flow statements.
If you want to see the full list of industry sectors and their ability to pay on time, check out the full list below.
Source – Read the full article at My Business: https://www.mybusiness.com.au/finance/5190-which-industries-are-slowest-to-pay