Food And Drink Payment Trends: 2021 vs 2022
Food and Drink Payment Performance: Barely a Nibble of Improvement in 2022
Food and drink companies showed minimal progress in payment performance between 2021 and 2022, according to our analysis. While the average score increased, the shift was extremely small.
The Comparison
- 2021: A study of 141 food and drink companies yielded an average payment performance score of 48.4 out of 100.
- 2022: The average score for 129 companies rose to 49.2 out of 100.
What This Means
The 0.8 point increase suggests stagnant progress regarding payment practices within the sector. While any improvement is technically positive, such a marginal shift raises questions about the effectiveness of current strategies aimed at expediting payments to suppliers. Businesses can also calculate late payment interest and compensation using this late payment calculator.
A marginal increase of 0.8 points, from 48.4 (141 companies) to 49.2 (129 companies), summarizes the industry's payment performance "improvement."
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