It is obvious why you should pay your invoices on time. Paying on time enables you to improve your credibility and relationships with your suppliers. It is unethical to deliberately pay invoices later than the agreed times, and it is also wrong to do so.
There are many reasons that people give for late payments, such as struggling businesses, forgetfulness, disputes, etc.
When you consistently pay your supplier on time, you will essentially create an excellent working relationship that will come in handy during the times when you may be unable to pay.
In such cases, the customer will be more than willing to hear you out and give you ample time to come up with the funds.
You probably do not know that invoices that are left unpaid tend to have costly repercussions for you, such as late payment fees that are applied to the outstanding amount.
Now, the government has instituted additional charges for compensating the supplier if they incur any costs while recovering their debts.