Draycir News

Theresa May under pressure to deliver promised late payments reform package

Theresa May under pressure to deliver promised late payments reform package

With Theresa May in her final days as British Prime Minister, she is under huge pressure to push through a late payments reform package announced in this year’s Spring Statement.


Highlighted by Federation of Small businesses (FSB), this call has come as businesses face up to extended political uncertainty surrounding the Brexit Crisis, combined with the prospect of a new Prime Minister and cabinet. FSB report they want the outgoing government to deliver on the promise made to the FSB and small business community, by June.


FSB have said that it would be “a major plank of this Government’s legacy to bring to an end the UK’s business culture where paying small businesses late is acceptable. Prime Minister Theresa May must use her final days in office to push through the late payments reforms package announced in this year’s Spring Statement.”


80% of the UK’s small business community is affected by poor payment practice. These practices which are carried out by big businesses towards their smaller suppliers is extensive and continues to put smaller firms at risk. Because of this, 50,000 small firms a year are forced to close their doors.

National Chairman of the Federation of Small Businesses (FSB) Mike Cherry, said: “As Theresa May’s time in office draws to a close, we are now at crunch time for the promised late payments package we have worked hard with the Government to secure. We are fast running out of time for the outgoing administration to secure this as their lasting and transformational small business legacy.


“It is crunch time – small businesses want these reforms in place before the Prime Minister leaves Number 10. Taking real action to tackle poor payment practices can be the legacy that the Prime Minister and her Government leave office with.”


At Draycir, we understand the problems highlighted by the Federation of Small Businesses, which is why we have developed advanced credit control software, Credit Hound. Credit Hound can help businesses tackle their late payment problems by reducing many credit-control related admin tasks, such as identifying aged debt, checking incoming payments, scheduling chasing calls and so on. This means that much more time can be focussed on the chasing itself. This results in more customers being chased in a day, encouraging more payments to be made faster. The To-Do list automatically organises the call list and shows who to call, when and why. Having all the information to hand on one screen is convenient and enables the caller to handle the call more confidently meaning many of our Credit Hounds users benefit from an increase in cashflow and reduced monies owed in a short amount of time.


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