The mid-tier firm surveyed more than 1200 business owners and senior managers in compiling the research which shows three in five businesses are affected, and its now urging businesses to adopt a responsible attitude towards payments.
35% of businesses surveyed estimate that late payments cost them in excess of £10,000 a year both in terms of bank charges and the administrative costs of chasing payments.
Tenon estimates the average amount owed in late payments to have risen by a third in 2008, taking the average amount owed by UK companies to around £40,000.
Carl Jackson, national head of Tenon Recovery, said managing cashflow is fundamental to a business' survival in the current economic climate and late payments forms part of this.
'More than ever, businesses must adopt a responsible attitude towards late payments to avoid the domino effect of business collapses that late payments can cause. This means not only making payments on time to avoid causing problems, but having clear payment terms, credit control procedures and chasing slow-paying customers,' he said.
www.ukba.co.uk
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