2021 has been yet another tough year for British businesses of all sizes. As the pandemic continues and the wider economy works to build back better, it is SMEs who are impacted the worst, whilst larger companies are seemingly faring much better.
Previse, the AI fintech that gets suppliers paid instantly, has partnered with global e-invoicing firm, Pagero to enable instant, embedded finance to be delivered through the world’s largest, open business network.
5 things the incoming Small Business Commissioner should consider in the fight against slow payments
Liz Barclay’s appointment as Small Business Commissioner was the latest development that reflected the UK’s longstanding and worsening slow payments crisis.
While this is a welcome step in the right direction, there is still a long way to go in addressing the chronic issue of slow payments. A 30-day payment period is still 30 days too long for many small businesses struggling to stay afloat.
It’s many entrepreneurs’ dream; that first big contract which launches your start-up brand onto the national stage. It should be time to celebrate your success, but for many small firms this is the start of a new financial nightmare.
As the Government announces new enhanced powers for the Small Business Commissioner to tackle late payments, Paul Christensen, CEO and co-founder of Previse, points out that, unless these are coupled with reform to Prompt Payment reporting, they are unlikely to lead to practical changes for SME suppliers.
A few weeks ago, Sears, once America’s most iconic retailer, filed for Chapter 11 bankruptcy.
Previse was named Digital Service Company of the Year at Computing’s Digital Technology Leaders Awards 2018.