Accountants and business advisors Clive Owen LLP has signed up for the Prompt Payment Code (PPC).

The Prompt Payment Code, established in December 2008, is a voluntary code of practice administered by the Office of the Small Business Commissioner (OSBC) on behalf of the Department for Business and Trade (DBT).

It sets high standards for payment practices between businesses of all sizes and their suppliers, ensuring timely and transparent payment terms.

As the firm develops its responsible business drive, they are keen to understand its wider impact on the community.

Joining the charter means Clive Owen LLP lets small businesses compete on an even playing field.Clive Owen LLP recently hosted an event with Small Business Commissioner Liz Barclay to discuss the crucial role of the OSBC in addressing late payment and unfair payment practices in the private sector across the UK.

Liz Barclay’s leadership in the independent office empowers small businesses to resolve disputes and offers advice on actions to take when payments are overdue.

Statistics reveal the severity of late payments: one-third of payments to small businesses are late, with an average value of £6,142.

Consequently, 20% of small businesses face cash flow problems due to late payments. It is estimated that timely payments could boost the UK economy by £2.5 billion annually

Carl Wright, partner and head of responsible business, said: “We are delighted to join the Prompt Payment Code, affirming our commitment to fair and transparent payment practices.

"We recognise the significant impact that timely payments can have on the sustainability and growth of small businesses. By adhering to the Code, we aim to foster a culture of trust and reliability within our supply chain, ultimately benefiting the broader business community.”