Payment to suppliers has been a theme in the notes for quite some time.
Now it appears the Irish Government is taking the message on board with pledges that it will pay all suppliers within 15 days.
The decision to halve the payment deadline from within 30 days of invoicing to 15 – was taken at the very highest level of government, at Cabinet level. This pledge covers all purchases made by government departments. The main reason for the change is to help ease cash flow, a major headache for Irish businesses at this time.
ISME states that small businesses are now waiting 69 days on average, up from 60 days last year, to receive payment.
ISME head of research Jim Curran said “The prompt payments legislation is unworkable. Small businesses are finding it difficult to get paid both from the State and private business.”
Stalker supposes it is all a very nice idea, but the reality is usually very different.
