Thousands of British firms are not getting paid on time because they make basic mistakes on the bills they send to their customers. Research by international credit insurer Atradius found that more than two thirds of businesses regularly receive incorrect invoices from suppliers. Around two thirds of companies also say they send back the incorrect invoice to their suppliers and request a new one – a delay that means suppliers often have to wait for anything up to a month longer to receive their payment. Staggeringly, Atradius found that the biggest errors suppliers make on their invoices relate to the most important and simple of information. Eight out of ten companies say the most common mistakes they find are invoices incorrectly addressed or sent to the wrong person. Diane Weyman, director of Atradius Collections in the UK, says: “Considering how fundamental getting paid is to all businesses, I am amazed how little importance is given to the function of sending out and collecting invoices.
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Sibos 2017 day two highlights: Brexit and banking, and why ‘data is the new oil’ in financial services
How nation first politics can impact global financial organisations It’s clear that data and regulation are the two key topics that are ... read more