It has been reported that half of the invoices in the road haulage, transport and logistics sector are paid late, reports Chris Tindall.
What is more, up to a fifth of bills are not settled in 90 days claims a new report from payment technology firm Upflow.
It discovered that 46% of outstanding invoices sent out by businesses within the industry were paid late, 19% were between one and 30 days late, 5% between 31 and 60 days, and 2% were up to 90 days’ late.
Most companies researched in the report were SMEs that generated revenues less than £50m. it is said that late payments cost small businesses an estimated £1.6bn in 2023.
Alex Louisy, CEO at Upflow, said: “These insights underscore the urgent need for businesses to adopt more robust payment processes.
“By addressing the root causes of payment delays and implementing effective strategies, companies can improve their cash flow and overall financial health.”
