Date posted: 21st Jun 2024
Clive Owen LLP, accountants and business advisers with offices in Darlington, Middlesbrough, Durham, and York, has demonstrated its commitment to ethical payment practices by signing up for the Prompt Payment Code (PPC).
The Prompt Payment Code, established in December 2008, is a voluntary code of practice administered by the Office of the Small Business Commissioner (OSBC) on behalf of the Department for Business and Trade (DBT). It sets high standards for payment practices between businesses of all sizes and their suppliers, ensuring timely and transparent payment terms.
As the firm develops its responsible business drive, they are keen to understand its wider impact on the community. Joining the Prompt Payment Charter allows Clive Owen LLP to formalise something it has had in place for a while, to allow small businesses to compete on an even playing field, grow and thrive.
Clive Owen LLP recently hosted an event with Small Business Commissioner Liz Barclay to discuss the crucial role of the OSBC in addressing late payment and unfair payment practices in the private sector across the UK.
Liz Barclay’s leadership in the independent office empowers small businesses to resolve disputes and offers advice on actions to take when payments are overdue.
Statistics reveal the severity of late payments: one-third of payments to small businesses are late, with an average value of £6,142. Consequently, 20% of small businesses face cash flow problems due to late payments. It is estimated that timely payments could boost the UK economy by £2.5 billion annually
Carl Wright, partner and head of responsible business at Clive Owen LLP said: “We are delighted to join the Prompt Payment Code, affirming our commitment to fair and transparent payment practices. We recognise the significant impact that timely payments can have on the sustainability and growth of small businesses. By adhering to the Code, we aim to foster a culture of trust and reliability within our supply chain, ultimately benefiting the broader business community.”
To find out more, contact the team here.
