The payment performance of Irish companies has remained consistent for the third quarter in a row, according to the latest insights from Experian, the global information services company. Businesses in the Republic of Ireland paid creditor invoices on average 24.34 days beyond invoice terms, consistent with the performance in Q1 and Q2 of 2012. However, when compared with the third quarter of last year, 2011, there has been a year on year increase of two days.
Businesses in Westmeath are the ninth fastest in Ireland to pay their bills, averaging 22.58 days beyond terms in the first quarter of the year.
Businesses in Northern Ireland paid their bills seven days quicker than their counterparts in the Republic, paying on average 17.5 days beyond terms during the period July to September 2012.
By analysing the payment records of tens of thousands of businesses in the Republic of Ireland and Northern Ireland, including those owned by overseas companies, Experian is able to identify both if and, crucially, when they are going to pay their debts. The latest Experian payment performance analysis reveals that:
· Irish businesses paid their bills on average 24.34 days beyond terms in the third quarter of 2012 compared with 26.82 days beyond terms in Q3 2011.
· The payment performance of Irish companies has increased only slightly quarter on quarter from 24.44 days beyond terms in Q2 2012 to 24.34 days beyond terms in Q3 2012.
· Northern Irish businesses paid their bills on average 17.57 days beyond terms in Q3 compared with 16.46 in Q3 2011.
· The payment performance of Northern Irish companies has slowed by one day when compared to Q2 2012.
· Businesses in Longford have usurped Clare as the fastest county in Ireland to pay their bills averaging 19.40 days beyond terms in Q3 2012.
Experian has the largest database of up-to-date commercial payment data in Ireland, which is extracted from more than 6,500 ledgers processed every month.