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Paying suppliers can really pay off

Paying Suppliers on Time Can Really Pay Off

30 September 2018

Failing to pay suppliers on time can be very expensive for authorities, as tighter legislation means all unpaid invoices must be reported and may incur a minimum late payment fee of £40 plus interest at 8% above the base rate.

Payment to suppliers on time

Some authorities apply a 30-day payment policy to all suppliers, but the precise start date for that period is often open to interpretation. Combined with overstretched employees and systems, this can leave councils vulnerable to late payment charges.

Read the article on the benefits of early payment for local authorities PDF 1MB †

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