The worst UK cities for settling invoice payments on time

 In General

A new report from FreeAgent has ranked the UK cities that perform worst when it comes to settling invoice payments on time.

Overall, the report found that around half of invoices sent by freelancers, contractors and small businesses are paid late.

The report highlights specific urban areas where late payments are systemic. Here, clients routinely hang on to invoice payments until well after the deadline, if not decline to settle them altogether.

Here’s an overview of the report and a few tips to help you overcome late payments:

In which cities are invoices least likely to be settled on time?

Sheffield tops the charts for the city most affected by late invoice payments, with only 24% of invoices settled within three days of the payment deadline.

Twickenham in London comes second on the list. 27% of payments are made within this deadline. This is followed by the nearby areas of Slough (29%) and Stevenage (39%).

Completing the top five list is Leeds, also on 39%.

At the far end of the scale, Manchester, Aberdeen, York, Leicester and Norwich were found to be the areas most likely to pay up on time.

How can I ensure my clients are settling invoice payments on time?

This study underlines the importance of a robust system for chasing invoices.

The most effective way to keep track of your invoices is to use advanced accountancy software, like FreeAgent and Xero.

This software enables you to set invoices and invoice reminders to be sent out automatically, saving you time on the administration process as well as removing the element of stress and emotion,

Call on 3 Wise Bears and find out how our specialist contractor accountants can help you keep those late payments to a minimum.

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