Statistically, your accounting software will alert you about a new past due invoice in the next few months. There are some industries which are worse than others in the tardiness department, and can cause your account receivables department more problems.
Of course, not all companies in the industries below are guilty of bad behavior. Credit scoring is one way to quickly identify the less reliable clients. Our accounting software will tell you which of your clients are reliable, wonderful, and easy to work with as well as identify those which are everything but. And of course rank everyone in between.
The top 6 industries guilty of paying late are as follows:
Do these industries include your business? You might want to consider getting better accounting software.
Many of the reasons for late payments are silly, and easily avoidable with accounting software that has invoice automation options. Making sure the invoice is correct and is delivered to the right person can eliminate up to 30% of your late payment problems immediately.
Information based on a 2015 survey from the Atradius Payment Practices Barometer.