Late payment

Late payment

The topic of long and late payment is nothing new, yet still we hear from business groups that one of their biggest concerns is being paid on time.

Late payment is a fact of life for the majority of the world’s formal businesses. It helps some survive against the odds, but it also threatens others. It is at once a sign of distress from the weakest businesses and a privilege exercised by the most powerful. From a macroeconomic perspective, it is both inefficient and potentially destabilising.

ACCA have, over the years, been very pro-active in raising awareness of the subject and advising members how best to reduce the risks, but the overall time taken by debtors to pay has remained relatively constant.

This CPD video aims to give you a better understanding of the issue exploring the following:

• The definition of debt, late payment and long payment – where the problem lies? 
• Trade credit management within small professional firms: practice, agency and structure 
• Prompt Payment Code and CICM’s recommendations 
• The evolving approach to late payment: small business commissioner, help or hindrance?

Contributors include:

• Ashley Smith FCCA, Finance Director of CADA Design
• Dr Catherine Matthews, Senior Lecturer, Brighton Business School
• Glenn Collins, Head of Technical Advisory, ACCA UK
• Philip King, Chief Executive, the Chartered Institute of Credit Management