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UK firms ''settle bills in better time''

22 January 2010
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UK firms ''settle bills in better time''Companies operating in the UK have improved their performance with regards to late payments, it has been found.

According to research conducted by information services firm Experian, the average time taken to settle bills by firms fell during 2009 compared with the previous year.

Companies took an average of 23.54 days to pay bills in December 2008, with this figure dropping my more than two-and-a-half days by December 2009 to 20.88 days.

Late payments improved most significantly among large organisations with more than 500 employees, with debts settled within 28.97 days last month, down from 36.1 days in January 2009.

"Companies are more aware now than ever that their credit score is affected by their payment behaviour," Experian Business Information head of commercial credit Joe Myers commented.

Enterprises in the service industry could use operations management to enhance their businesses processes and ensure that they are able to pay suppliers promptly.

Another report from Experian has suggested that the financial health of UK enterprises improved in 2009, with the rate of insolvencies increasing at a slower rate and the fiscal strength score rising from 79.46 in January to 81.37 by December.ADNFCR-3058-ID-19573210-ADNFCR
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