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REC Says No Window Dressing

REC Says No Window Dressing
 
Government pledge to change payment culture must not simply be window dressing says REC
 
A Government initiative to encourage businesses to pay up promptly has been given a guarded welcome by the Recruitment and Employment Confederation. 
 
Through the Government's  Prompt Payment Code, companies pledge to pay their suppliers on time as prescribed in their contractual agreements.
 
In a recent survey of REC members, 57 per cent of respondents said they were having more difficulty receiving payments on time from clients than they did a year ago.
 
REC Chief Executive Kevin Green said of the initiative: While we welcome this Code, it is vital that the end result is not just window dressing, but a credible move to get business to play its part in keeping the economy moving.
 
Feedback from our members has shown that late payment is one of the big challenges they face. In a recession, cash flow is the lifeblood of any recruitment business especially as they have to pay their agency staff irrespective of whether they have received payment themselves.
 
The worst possible case is that those who are constantly let down by their suppliers and clients could go out of business through no fault of their own.
 
Kevin Green added: We will continue to work with the Government and with leading business organisations on this issue. At the same time, our regular members feedback will provide firm evidence of the situations they face while operating in these conditions. 
 
Late payment issues were one of the main issues raised during this  week's REC  'On the Road'  events  in Wigan, Preston and Chester. Forthcoming events will continue to be used to generate member feedback on how the  Government's initiative is working in practice.
 
SJD Accountancy, the UKs largest specialist accountancy firm for contractors and freelancers, today announces that it has been appointed by the IMA Institute as a partner supplier of accountancy services.

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