Firms are getting a bit better at paying their bills on time FIGURES FROM EXPERIAN SHOW GOVERNMENT AGENCIES TRAIL

Firms are getting a bit better at paying their bills on time; FIGURES FROM EXPERIAN SHOW GOVERNMENT AGENCIES TRAIL. Byline: RHODRI EVANS    WELSH firms are getting better at paying their bills on time,  according to according to  prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. figures released today. The latest data from global information services See Information Systems. company Experian shows that in the second quarter of 2012 Welsh firms paid their overdue OVERDUE. A bill, note, bond or other contract, for the payment of money at a particular day, when not paid upon the day, is overdue. 2. The indorsement of a note or bill overdue, is equivalent to drawing a new bill payable at sight. 2 Conn. 419; 18 Pick. invoices 22.61 days late, this was down on the 23.03 days late in the previous quarter, and a marked improvement on the average 24.10 days  late payment in the second quarter of last year. The figures mean that Welsh firms have continued to pay their bills more speedily than the UK average. Between April and June this year, UK firms paid their overdue invoices 23.38 days after agreed terms, compared to 25.23 days during  the same period in 2011 and 24.59 days during the previous quarter, Q1  2012. Across the UK the biggest improvements came from firms at the larger end of the scale. Firms with 50 to 100 and over 501 employees paid their bills nearly two days faster than in Q2 2011, while firms  with 101 to 500 employees paid nearly two and a half days faster than in  Q2 2011. The difference in late payment between the UK's smallest businesses and the largest companies has been getting smaller since the  final quarter of 2011 - from a difference of nearly 20 days during 2009,  down to under 12 days during 2012. However, there was a marked difference in payment across different sectors. On average, firms in the agriculture, forestry and fishing sector paid their bills just 10.62 days after payment was due in Q2,  2012, whereas those in the postal and telecommunications business took  42.20 days past due date to pay their bills. However, almost all sectors proved quicker at paying their bills than a year ago, with the extractive extractive /ex·trac·tive/ -tiv any substance present in an organized tissue, or in a mixture in a small quantity, and requiring extraction by a special method. ex·trac·tive adj. 1. industries and oil industries being  the two notable exceptions. Max Firth firth or frith, Scottish term applied to an arm of the sea, usually an estuary or strait. For Firth of Clyde, see Clyde; for Firth of Forth, see Forth. , UK managing director for Experian's Business Information Services division, said the better figures had been driven  by a better performance from big companies. "This is the third consecutive quarter of improving payment performance, which means that cash flow among firms is getting  better," he said. "Much of this improvement has been led by the UK's largest businesses. There is, however, only so much improvement that can  take place among these firms. The very nature of the way large  businesses are structured - hundreds of suppliers, multi-sites,  multi-departments, stringent processes - makes it impossible for them to  pay as fast as their smaller more flexible counterparts.     "It is vital that smaller firms think about their collection  strategies, and take on board some of the strategies employed by their  larger counterparts to help ensure they get paid on time."     Iestyn Davies, head of external affairs for the Federation of Small  Businesses Wales Wales, Welsh Cymru, western peninsula and political division principality of Great Britain 1991 pop. 2,798,200, 8,016 sq mi 20,761 sq km, west of England; politically united with England since 1536. The capital is Cardiff., welcomed the fall in payment times from large firms. "It is a small step in the right direction," he said. "We are still looking at people taking almost two months to pay a bill,  which is a very long time in the cash flow of a small business." However, he warned that too many public bodies were not paying small firms quickly enough. "What we are concerned about is when payment is taking more than 30 days, but the people holding on to the money are government  agencies. They really do need to make sure that they are paying  businesses on time, to ensure the cash flow of smaller businesses." CAPTIONS:    * In the second quarter of 2012, Welsh firms paid their overdue  invoices 22.61 days late      Find out more on  paydaycashloan247