The Federation of Small Businesses (FSB) has taken a gloves-off approach to dealing with late payers. Large companies who consistently pay late will in future be exposed online on the FSB web site.
The database is an online version of the Private Sector Payment Performance League Tables which the Federation publishes annually in association with Leeds University’s Business School. The tables are based on data included in companies’ own annual reports, are updated daily, and can be searched online using various criteria.
“We feel that these league tables will act as a spur to bad payers to get their act together and reform their payment practices,” says John Walker at the FSB. “Despite the benign economic background, late payment continues to be raised as a thorny issue by small businesses... The increasing trend of large companies extending their payment terms to 180 days, whilst claiming to pay on time, is another worrying trend within this overall issue.”
The online tables can be accessed free of charge by registering on the FSB website at http://www.fsb.org.uk
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