17-02-2015, 10:53 AM
Irish businesses paid their bills more than three days faster in the fourth quarter of 2014 compared to the same period in the previous year, according to the latest figures from global information services company Experian®.
Invoices were settled an average of 20.32 days beyond terms in the fourth quarter of last year, improving from the 23.13 days during the corresponding months in 2013. The improvement is even greater when compared to the fourth quarter of 2012, when Irish businesses took an average of 26.62 days beyond terms to pay bills.
By analysing the payment records of thousands of businesses in the Republic of Ireland and Northern Ireland, including those owned by overseas companies, Experian is able to identify if and when they are going to pay their debts. The latest payment performance analysis also reveals:
* Businesses in Donegal are paying their bills the fastest, averaging just 10.88 days beyond terms in the fourth quarter of this year.
* Conversely, businesses in Carlow continue to be the slowest to settle their bills, averaging 23.05 days beyond terms in the fourth quarter after paying 23.76 days beyond terms in the third quarter.
Declan Murphy, Commercial Director at Experian Ireland, said: “It's encouraging to note the payment performance of Irish companies has remained steady for the last three quarters, and has improved significantly on the same period last year. It's possible that as the economy steadily improves, businesses are beginning to find it easier to manage their cash flow. However, late payments continue to exert financial pressure on businesses, particularly small enterprises who find it challenging to secure credit and alternative sources of cash flow. It's critical for businesses to research their potential customers before entering into any business arrangement.â€
Invoices were settled an average of 20.32 days beyond terms in the fourth quarter of last year, improving from the 23.13 days during the corresponding months in 2013. The improvement is even greater when compared to the fourth quarter of 2012, when Irish businesses took an average of 26.62 days beyond terms to pay bills.
By analysing the payment records of thousands of businesses in the Republic of Ireland and Northern Ireland, including those owned by overseas companies, Experian is able to identify if and when they are going to pay their debts. The latest payment performance analysis also reveals:
* Businesses in Donegal are paying their bills the fastest, averaging just 10.88 days beyond terms in the fourth quarter of this year.
* Conversely, businesses in Carlow continue to be the slowest to settle their bills, averaging 23.05 days beyond terms in the fourth quarter after paying 23.76 days beyond terms in the third quarter.
Declan Murphy, Commercial Director at Experian Ireland, said: “It's encouraging to note the payment performance of Irish companies has remained steady for the last three quarters, and has improved significantly on the same period last year. It's possible that as the economy steadily improves, businesses are beginning to find it easier to manage their cash flow. However, late payments continue to exert financial pressure on businesses, particularly small enterprises who find it challenging to secure credit and alternative sources of cash flow. It's critical for businesses to research their potential customers before entering into any business arrangement.â€