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A regular flow of cash is essential to the smooth day-to-day running of a business – particularly a smaller one. The vast majority of small firms simply do not have the reserves to allow them to wait for payment of what they are owed without a severe impact on their bottom line. The statistics on late payment are frightening: 861,000 firms – that’s half of all UK SMEs – experienced late payments in 2011 Poor payment practice costs UK businesses £20bn every year Late payments to small businesses reached an all-time high of £33.6 billion in 2011 Small firms are