Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
IRISH BUSINESSES ARE owed an estimated €4 billion-plus in overdue payments – and the problem is putting thousands of small- and medium-sized operators out of trade.
A new Interface Financial Group (IFG) survey of 2,500 SMEs has also revealed that more than one-third of respondents were forced to lay off staff and nearly half needed to delay their own payments to suppliers because of overdue sums.
The average amount outstanding, according to those polled, was nearly €23,000. Based on the most-recent figures for the number of active business in Ireland, that puts the total owed to the sector at more than €4 billion.
IFG president David Banfield, whose company provides short-term funding to businesses, said late payments were “an almost systemic issue in Ireland”, and it was a problem that affected the whole economy.
“Over the course of the economic downturn it became normal practice. Unfortunately, it has remained that way,” he said.
“Late payment has a knock-on effect that impacts on everyone. If businesses aren’t getting paid, they can’t pay their suppliers; they can’t re-invest and expand, they can’t create new jobs, which means unemployment figures are slower to drop. This all ultimately drags down economic growth.”
The worst offenders
European late-payment laws intended to speed up cash-flow for businesses were introduced in Ireland during 2013, however a large share of firms have continued to complain that slow remittances are rife.
Larger companies and the government have been blamed as being among the worst offenders when it comes to tardy payments.
A recent survey from lobby group ISME also found the average payment period for SMEs had blown out to 59 days, leading to a call for the existing prompt payment laws to be reviewed.
Meanwhile, IFG’s figures also showed that roughly four out of 10 businesses believed late payments had slowed their growth while about one in seven owners were forced to take a pay cut due to the issue.
Close to one-third of respondents said the incidence of late payments had got worse in the past 12 months, while about half that number believed the situation had improved
Written by Peter Bodkin and originally published on Fora.ie, a new business publication for Irish startups and SMEs.
To embed this post, copy the code below on your site
You’d actually miss Steve Jobs floating around the place, there’s a lot of charisma gone from the company. The man made a bug look like a feature.
I really like Craig Federighi, he’s a very different vibe to Jobs but his sections have been the highlight of the past few keynotes.
Yup, just what we need. More vacuous crap to excite the cult.
Ahh Jake, was wondering when you’d get here. Excited to see what Samsung will be releasing in 6 months?
It looks this article was initially posted a week or two ago but we now know for certain that the iPad Pro is being announced tonight. 12.9 inch display and much faster processor. And I agree David, Federighi has developed into a really smooth presenter.
@David, we already know what Samsung will announce, another android device giving people the ability to tailor their user experience to their wants in a great value piece of tech, often with groundbreaking invention.
I’ll say it now, the Samsung tab I received as a gift over a year and a half ago (costing my gf 220 quid) remains the most impressive tech device I have ever had for such a small price tag. I use it for 2 hours most evenings, charging it every 4/5 days. The screen is excellent, the processor fast. I’ve bounced it on tiles, carpet and wooden floors and though the back shows a thousand scratches the experience is unchanged.
There’s a difference between build quality and the feel of build quality. I feel Apple hits the latter.
an sd card slot, increased battery life, ah here get a grip on yourself!!!
Did anyone tell iPhone Joan about this
She’s sending some undercover gardai…
Technology wankfest.
There’ll be an announcement that the thing they announced as the GREATEST iTHING IN THE KNOWN UNIVERSE a few months ago is now an outdated peice of rubbish that everyone will laught at you over. But you can avoid that laughter by paying even more money for the new GREATEST iTHING IN THE KNOWN UNIVERSE. Pay someone to start queueing now!!
iDrones… so predictable
Rose gold is auspicious to the Chinese hence the watch colour.. Pure marketing ploy..
Belfast it is :)
Or parcel motel :)
A massive circle jerk
Did you not get your invitation?
what’s the point !!
Animated backgrounds and motion sensor remote. Give us micro sd slots in phones and a browser for Apple TV
SD slot will never happen when they can get a monthly fee for iCloud.
Sigh.
When you think about it, both those things would be more of a hindrance than a help.
No matter what platform you use, cloud storage is the way forward, and using your TV to browse the Internet, is that really a good way to work?
Just a hyped up outdated product announcements which are based on proprietary outdated technology and too expensive. good marketing job though.
Yeah, big swingin’ Mickey !
Please, please let it be a iPod wheel in-place of a keyboard
You people are crazy if you don’t think that would be greatest invention of the 21st Century
https://www.youtube.com/watch?v=9BnLbv6QYcA
My phone is better than your phone woooo me! I am winning! Im going to make you feel inadequate about your phone because my phone has some particular features I use that you dont need. Whats that you have? An iPhone? Seriously? You know Samsungs are better right? OH MY GAWWWWW
Since when is a pic with windows 10 an apple product ?
Shut up and take my money.
have your say