Posted online: Nov 20th, 2008

Reflecting tightening economic conditions, Irish businesses are taking longer to pay their bills with Kildare top of the list, according to the latest figures on Payment Performance trends in Ireland.

The study released by Experian® analysed the payment records of tens of thousands of Irish businesses, including those owned by overseas companies. It found:

• On average, businesses in Ireland pay their suppliers 26.83 days beyond terms (DBT) 
• Kildare’s businesses are the slowest to settle bills, on average paying 32.32 DBT
• Businesses in Offaly are the quickest in the country to pay (18.07 DBT)
• In the last six months businesses in all counties took longer to pay suppliers – businesses in Waterford saw the greatest increase (71.8 per cent to 24.12 DBT). Sligo’s businesses saw the smallest increase (1.56 per cent to 18.16 DBT)

Paula Carney, Payment Performance Manager at Experian’s Business Information division commented: “Obviously, many companies are good at paying their bills on time but it is a great advantage to know those that aren’t and can save a company from having its own financial crisis. It is interesting to note that businesses in Kildare are using their debtors as a source of finance. It is worth considering that your customer may be using your receivables to fund their business.”

The second slowest paying county was Wicklow followed closely by Cavan.