Stockholm based fintech company Invoier, who recently launched Payment Time IndexTM, has mapped what industries in Sweden that are the best, as well as worst, at paying their suppliers on time.
The index covers national data and has mapped over 75 000 invoices and all of the SNI-codes during the last 12 months. Industries which have had too little activity during this period, and could therefore be misleading, have been excluded.
Best industries:
- Manufacture of basic iron and steel and of ferro-alloys
- Building of ships and floating structures
- Repair of fabricated metal products
- Manufacture of passenger cars and other light motor vehicles
- Operations of sports facilities
Worst industries:
- Performing arts
- Growing of cereals (except rice), leguminous crops and oil seeds
- Pre-primary education
- Social work activities without accommodation for the elderly
- Sale of cars and light motor vehicles
(delayed payment days)
(4,03) (3,90) (2,45) (1,87) (1,42)
(early payment days)
(6,82) (4,54) (3,24) (3,19) (2,99)
– We note that industries that have been depending on components that may have been delayed, such as the motor vehicle industry, as well as those affected by the transportation issues during the pandemic, are the ones that still are the most delayed with their payments. The new law for large companies to report on payment times may still have a greater impact in the months to come, says Fredrik Mistander, CEO & Co-Founder Invoier.
The importance of paying on time
Late payments and long payment times between companies is a common problem, especially for Swedish small and medium-sized companies with up to 249 employees. It creates an unhealthy competition where the smaller companies, in reality, are forced to act as financiers to the larger ones. For the smaller companies this often leads to serious liquidity issues which stops them from growth and creating new job opportunities.
About Payment Time IndexTM: Payment Time Index is developed by Invoier. It is continuously updated and can be found at https://invoier.com/en/betaltidsindex/.
For further information: Fredrik Mistander, CEO/Co-founder, +46 70-046 06 20, fredrik.mistander@invoier.com
