Late payments in IT sector improve

The IT industry improved its record on late payments over the course of last year with the sector performing better than other areas of the economy.

The IT industry improved its record on late payments over the course of last year with the sector performing better than other areas of the economy.

In figures released by Experian the IT sector stood out from other industries with payments improving by 20% from 2008 to 09 dropping from 29.20 days to 23.37 days last year.

Some of the causes of the improvement is the threat of damage to credit scores for those that don't cough up and the pressure that suppliers have been under to show a commitment to helping fellow businesses by paying promptly.

Joe Myers, head of commercial credit at Experian's business information division, said that the improvement had started in August last year and the largest companies had started to speed up their payment times.

"The fact that country's biggest businesses reduced the time it takes to settle their bills by nearly 20 per cent is a significant turnaround."

But there continue to be problems with late payments with SMEs in particular suffering from late payments even though the government has made pledges to make it easier for small firms to get cash.

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