The Consumer & Market Authority (ACM) is opening a temporary contact point for SMEs that are not paid on time by large companies.
Insight into payment terms
The ACM’s Payment Delays Contact Point has been opened for one year, with the aim of investigating whether government oversight is needed on compliance with payment terms between large companies and SMEs. In fact, research shows that invoices are increasingly paid later rather than earlier.
For SMEs, late payments can affect their financial position and their ability to invest, for example. The government is therefore working on a change in the law to reduce the maximum legal payment period for large companies to SMEs from sixty to 30 days. More information about the Overdue Payments Contact Point can be found on the ACMwebsite.
Get paid faster with e-invoicing
As an SME, it is not always easy to address a large company about its payment behaviour. However, there is a way to speed up the processing of your invoice and thus enable a shorter payment period; e-invoicing.
Large companies are increasingly able to receive e-invoices. E-invoices are automatically processed by the recipient’s software. This ensures that your invoice is entered immediately instead of ending up in an overflowing mailbox.
Sending an e-invoice doesn’t have to be complicated. Most accounting packages are capable of sending an e-invoice (UBL). You often only need to check a box and send an e-invoice with your PDF. Want to know more? We will be happy to tell you how to e-invoice with your accounting package.