Although fewer invoices were paid late in 2019, those that were paid late took twice as long as in 2018, the latest MarketFinance Business Insights.
According to the analysis, almost two-fifths of invoices issued in 2019 (worth over £34bn) were paid late. However, the number of days an invoice was paid late in 2019 has doubled to 23 days from 12 days in 2018. Invoices paid late were typically larger in value (£34,286) than those paid on time (£24,624).
The number of invoices with long payments terms (anywhere between 60 and 120 days) being paid late almost doubled between 2013 and 2019. This figure rose from 13% being paid late in 2013 to 23% in 2019.
