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LATEST NEWS & EVENTS Businesses 'need to protect themselves from late payments'  Companies need to make sure they take measures to protect themselves against late payments. This is according to Steve Hughes, an economist at the British Chambers of Commerce, who suggested that the credit crunch has "laid bare" the problems that enterprises can experience as a result of longer payment times. His comments follow the release of figures from NatWest earlier this month, which showed that companies have invoices worth £15.7 billion that are more than 120 days in arrears. In addition, it was found that 71 per cent of small to medium-sized firms have suffered from late payments over the last year. Mr Hughes remarked: "Businesses themselves need to make sure that they have a clear and efficient invoicing process, with clear and agreed terms of payment with those that they supply." Although problems have eased since the height of the recession, they have not disappeared entirely, he went on to say. Rick Munro, partner in charge of debt recovery at Lamport Bassitt, said: "Tight credit control is essential if businesses are to survive. Those that take legal action quickly enough tend to get paid first." 
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