Antoniya Beyriyska
Fair and Faster Payments, Better Business
At Ask The Boss, we have always been true believers that how you pay people and businesses speaks volumes about how you do business.
We are a small accountancy practice in London and are proud to be part of the UK SME community, constituting the vast majority of the UK’s businesses, at over 99%.
As “behind the scenes” trusted advisors, or “business GPs” as some would refer to us, over the years we’ve seen firsthand what happens when payments don’t come through on time, especially if you are a small business. Late payments can really knock a business off track, slow down production and growth, and create immense stress for small businesses and their people who are doing their best to stay ahead.
When you offer a great service or product and build genuine trust with your clients, payments should naturally flow more smoothly, but that’s not always the case.
Trust and timely payments really are key to doing good business – and they go both ways in the client-supplier relationship.
That’s why joining the Fair Payment Code was a very easy decision for us. Earlier this year, we were pleased to achieve the Fair Payment Code Gold Standard Award, which recognises that we pay at least 95% of all our invoices within 30 days.
In reality, we aim to go even further. Wherever possible, we set up direct debits with our suppliers – whether it’s for paying our rent, business rates, monthly software subscriptions, or regular goods and services. Automating payments like these helps us stay consistent, reduces the admin that often slows businesses down, and even helps us with our budgeting and cash flow projections – remember we are also a small business with clients and employees.
And it’s not just about paying fast – it’s about paying smart too. With the tech tools available today, businesses can easily automate invoicing, track spending, and stay in control of their finances. We often talk to people about these systems and how much difference they can make. Setting up faster payments doesn’t mean relaxing your controls – it actually helps you stay more aware of where your money is going.
As a business providing services to clients, we also look at payment habits from another angle. When we start working with a new client, we like to understand how they handle payments to their own suppliers. It tells us a lot about how the prospective new client’s business operates and what kind of relationship we’re stepping into. Setting clear expectations from day one helps build mutual respect – and it’s a good reminder that prompt payment is part of being a good business partner, not just good admin.
Our approach is simple:
- Know what you spend
- Track your subscriptions
- Make sure you pay your suppliers on time
- Send your bills on time
- Do your credit control
- Make it easy for customers to pay you
Joining the Fair Payment Code aligns perfectly with our other commitments as a business – we are a certified Living Wage Employer and proud supporters of the Better Business Act. We are also currently in the process of applying for B Corp certification, fingers crossed! Part of becoming a B Corp means proving that you have responsible, transparent processes in place – and achieving the Fair Payment Code Gold Standard adds another layer of verified proof that we are serious about being a responsible payer.
It’s about trust, integrity, and doing business the right way. We’d encourage all businesses – big and small – to sign up for the Fair Payment Code and demonstrate their commitment to doing business better. Because when businesses are paid fairly and on time, everyone wins!
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