Education Sector Payment Practices See Modest Improvement: Average Score Rises From 78.9 to 80.9

The Comparison

Here's a breakdown of payment performance within the Education sector:

• Companies Assessed: 2022 saw 230 education companies evaluated, dropping slightly to 226 in 2023. The sample sizes remained comparable.
• Average Payment Performance Score: The average score, based on payment speed and efficiency, increased from 78.9 out of 100 in 2022 to 80.9 in 2023. The sector's overall payment practices improved slightly.
• Year-over-year Change: There was a 2.1 point improvement in the average payment performance score between the two years. This marks a marginal uptick but does not represent a dramatic shift.

What This Means

While the reduction in the number of companies evaluated is small, the positive movement of 2.1 points in the average payment score suggests a slight improvement in payment discipline across the education sector. This improvement may reflect a subtle trend toward faster invoice processing and fewer delayed payments, however, late payments can still add up; use this late payment calculator to manage impact.

In 2023, the education sector achieved an average payment performance score of 80.9, compared to 78.9 in 2022, based on assessment of 226 and 230 companies respectively.