Late payment threatens the survival of thousands of small businesses each year, in 2016 more than £26m was owed to SMEs in outstanding invoices.
Despite the progress councils have made in improving their payment performance, nearly two decades on from when late payment legislation came into force, the problem persists.
The report, based on research conducted with 154 of the largest councils in the UK, representing 73% of local government spend, found that a typical council will process an average of 160,000 invoices each year and trade with an average of 8000 suppliers.
Oxygen Finance examines the issues councils face in managing this heavy workload against a backdrop of unprecedented budget cuts and stretched resources. The report also covers the benefits of taking action including supporting local economies, reducing contingent liability from late payment penalties and gaining sustainable savings and efficiencies.
ABOUT OXYGEN FINANCE
Oxygen Finance is a specialist provider of payment solutions and the leading global provider of early payment programmes. We work with organisations across both public and private sectors to drive savings, improve operational effectiveness and deliver against social value objectives. We have offices in the UK and US and work with a range of technology partners. Our expert teams are experienced at working on large-scale transformation projects and our robust systems manage transactions of more than £10bn per annum.
Visit us at www.oxygen-finance.com
