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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 each owed an average of £39,000 at any one time 1 in 4 businesses go insolvent due to invoices being paid late 158 million man hours lost to chasing overdue bills last year. If you are a member of the Forum, you can access free credit control templates for you to download and