Good Business Pays has been reporting on the payment practices of large companies for the past four years, but now reveals new research that raises big questions about the accuracy of payment data and therefore the authenticity of payment data reported by companies as part of their statutory duties.
Good Business Pays surveyed over 500 Accounts Payable professionals in large UK companies who are responsible for supplier payments. Key findings from the respondents were:
- 63% think a quarter of the supplier records in their supplier system (BSM) are wrong
- 24% say half or more of the supplier records in their system, are wrong
- 23% can’t identify who the small and medium-sized businesses (SMEs) are in their supplier records.
- 66% of respondents rely on their suppliers to keep the records in the BSM system accurate and up to date
Large companies use this data for compliance reporting to the Department for Business & Trade, to apply for accreditation by the Fair Payments Code and to organisations like Good Business Pays for their Fast Payer Awards. So, it is vital that the data used for reporting and compliance is both accurate and up to date.
Good Business Pays is calling for companies to ensure the accuracy of the data they use for reporting payment statistics. They can do this by:
- Making it as easy as possible to onboard suppliers onto systems
- Initiate quarterly reviews of supplier data to ensure their information is accurate and up to date (this process can easily be automated)
- Develop joined-up processes and systems across the procurement/finance/accounts payable, and receivable teams
Terry Corby, Founder and CEO of Good Business Pays, said: “Finance and procurement directors will want to be reassured that the data about their suppliers is both accurate and up to date. Payment performance is just one aspect of why it’s important to ensure your view into the suppliers is accurate. With the government planning to bring in regulations for big companies to publish their supplier payment terms in their annual reports from 2026, it’s shocking to see such a high level of uncertainty around the accuracy of supplier data used every day in large companies.”
Liz Barclay, the UK Small Business Commissioner, commented: “The revelation that 40% of Accounts Payable professionals aren’t confident about the accuracy of their supplier information is concerning. This raises questions about information provided to various research projects and surveys, including those run by relevant Government Departments. Policy makers need accurate data to make fully informed policy decisions which affect millions of suppliers and thousands of crucial supply chains.”
Background to the survey
In January 25th and February 1st 2025, Good Business Pays commissioned an independent research agency to ask “How accurate are the supplier records on your BSM platform?” in order totest the data confidence levels of those who manage these systems in large companies. 513 Accounts Payable professionals in large UK companies who are responsible for supplier payments responded to all questions. https://goodbusinesspays.com/about/
