Professional Services Payment Trends: 2021 vs 2022
Professional Services Payment Performance Dips Slightly: 2022 Average Score Drops to 70.0/100
The Comparison
- 2021: A survey of 173 professional services companies yielded an average payment performance score of 71.0 out of 100.
- 2022: A similar survey, encompassing 159 companies, recorded a slightly lower average score of 70.0 out of 100.
What This Means
The data indicates a marginal decline in payment performance within the professional services sector between 2021 and 2022. While the decrease of one point might appear small, it potentially reflects increased challenges faced by clients in meeting payment obligations, or a slight relaxation in the payment collection practices among professional services firms. Companies struggling with overdue payments can use a late payment calculator to assess the impact of delays on their cash flow.
Overall, average payment performance in professional services declined slightly from 71.0/100 (173 companies) in 2021 to 70.0/100 (159 companies) in 2022.
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