ACCA comments as Government acts to back small businesses and tackle late payments

Following the government announcement ACCA has made the following statement.

ACCA has today welcomed Government proposals to back small businesses and tackle late payments.

Glenn Collins Head of Technical and Strategic Engagement, ACCA UK, said:

‘As we have made clear in our response to government consultations, we welcome any move to help tackle the late payment crisis.

‘Being paid on time is crucial for small businesses to thrive. Recent ACCA research highlighted the challenges SMEs face accessing finance, including the critical impact late payment has on cashflow. So we welcome the government’s announcement of further action to tackle poor payment practices.

‘In our response to the government’s consultation earlier this year we underlined the key role the Small Business Commissioner plays as an external champion shining a light on unfair treatment of SMEs. We called for the Office of the Small Business Commissioner to be strengthened, so we warmly welcome plans for additional powers.

He continued: ‘Strengthening the regulatory regime, including payment performance obligations, is a key piece of the late payment puzzle, enabling better transparency on the performance of suppliers. However additional action, such as continued education, will be required until new legislation can be put in place. Accountants –  as key advisors to small business – as well as professional bodies like ACCA, have an important role to play in sharing our experience and expertise but a collective effort is now required to change the UK’s late payment culture.’

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