SME's paid late

Half of SMEs’ and freelancers’ invoices paid lateAccording to new research by accounting software firm FreeAgent, just 54% of almost 2m invoices sent by its freelance and SME customers between January 2019 and June 2020 were paid on time, highlighting the persistent issue of late payments. The firm’s findings also highlighted the impact of COVID-19, with the number of invoices sent by freelancers and SMEs falling by 33% during the lockdown. FreeAgent’s CEO Ed Molyneux has called for new legislation and stiffer penalties for late-paying firms, with the problem remaining one of the most widespread and damaging concerns facing small firms.