Managing Cash Outflows to Maximize Your Financial Position - bizfilings
But this situation certainly doesn't help the smaller business:
Big Companies Pay Later, Squeezing Their Suppliers - The New York Times
The UK set up a small business commissioner in January:
The Small Business Commissioner, Paul Uppal, supports small businesses to resolve their payment disputes with larger businesses, providing advice, and helping bring about a culture change in payment practices and how businesses deal with each other.
Appointments to the Small Business Commissioner’s Office Advisory Board - GOV.UK
Small Business Commissioner - GOV.UK
And the commissioner has just found against Jordans/Ryvita:
Late payment interest released for small design business following payment practices complaint against Jordans & Ryvita - GOV.UK
The Mail reports:
Maker of Ryvita crackers rebuked by small business tsar for being slow to pay small supplier
By WILLIAM TURVILL FOR THE MAIL ON SUNDAY
23 March 2019
The maker of Ryvita crackers has become the first company to be named and shamed by the Government’s small business tsar over late payments. Paul Uppal, the Small Business Commissioner, has rebuked Jordans & Ryvita for being slow to pay Magellan Design. The small firm had been taken on to work on a health and safety campaign, which included designing and printing posters.
Magellan Design boss Andrew Osman was forced to use money from his personal savings account to pay the printers. ‘It was a nightmare,’ he told The Mail on Sunday. ‘It was so disruptive for my business. I would have been better off if I’d never [done the work].’
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Small Business Commissioner - GOV.UK
And the commissioner has just found against Jordans/Ryvita:
Late payment interest released for small design business following payment practices complaint against Jordans & Ryvita - GOV.UK
The Mail reports:
Maker of Ryvita crackers rebuked by small business tsar for being slow to pay small supplier
By WILLIAM TURVILL FOR THE MAIL ON SUNDAY
23 March 2019
The maker of Ryvita crackers has become the first company to be named and shamed by the Government’s small business tsar over late payments. Paul Uppal, the Small Business Commissioner, has rebuked Jordans & Ryvita for being slow to pay Magellan Design. The small firm had been taken on to work on a health and safety campaign, which included designing and printing posters.
Magellan Design boss Andrew Osman was forced to use money from his personal savings account to pay the printers. ‘It was a nightmare,’ he told The Mail on Sunday. ‘It was so disruptive for my business. I would have been better off if I’d never [done the work].’
RELATED ARTICLES
Crackdown on late payments that close 50,000 firms a year:...
As a result of Uppal’s intervention, Osman was paid the £5,000 owed, plus an interest payment of £1,400.
Jordans & Ryvita has now changed its payment policies. The company’s finance boss, Jamie Phillips, said: ‘As a business, we manage over 22,000 payments annually. In this instance, an invoice was not processed correctly as a result of human error. We deeply regret that this occurred and have apologised to Magellan Design.’
Small business tsar intervenes over late-paying Ryvita | This is Money
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