According to research from Aldermore’s SME Growth Index, over 3.6 million (72%) UK SMEs have some form of outstanding late payment from customers, leaving them £96,772 out of pocket on average. The total value of late payments has increased from the end of 2023, up 41% from £68,715. On average, SMEs are likely to wait an extra 46 days for a late payment to be settled and spend thirteen hours of company time chasing outstanding amounts. This is an increase from last year when SMEs waited thirty-four days and spent nine hours of company time following up on each payment. The increase in late payments is also having a domino effect on SMEs. Over a third (38%) of businesses are having difficulties paying essential business costs, and 36% are struggling to pay their own suppliers on time due to cash flow issues – an increase in figures from 2023. To read Aldermore’s news release, go to https://www.aldermore.co.uk/newsroom/sme-late-payments-increasing-by-48-with-348-billion-in-outstanding-payments/.