More large companies are signing up to fairer payment terms while small businesses are increasingly looking for ways to get paid promptly, new figures from the Institute of Credit Management (ICM) reveal.

The ICM's two cashflow initiatives - the Prompt Payment Code and Managing Cashflow Guides - were created for the Department of Business, Innovation and Skills (BIS).

The institute's latest figures show that over 426,000 cashflow guides have now been downloaded from its website, more than 50,000 more than the previous year. The most popular of the 13 available - accounting for a quarter (25%) of all requests - was for its 'Payment Terms' guide.

Meanwhile, some 1,334 companies have signed up to the Prompt Payment Code which aims to encourage a culture of paying suppliers on time, encourage good practice and give clear guidance to suppliers and encourage good practice. Among them are 65 of the FTSE 100, 63 of the FTSE 250 and 128 of the FTSE 350. Within the last month, Britvic, Paypoint and QinetiQ all joined the growing band of signatories.

Philip King, ICM chief executive, said there has been a 'noticeable shift' in businesses' response to the payment issue recently: 'Political and media pressure have no doubt helped to bring the late payment debate out into the open, and that manifests itself in two ways.

'Firstly, it means that more smaller businesses have been wanting to learn about best practice, hence the surge in demand for our guides; secondly, more of the larger firms have been inclined to sign the Prompt Payment Code as their commitment to paying their suppliers to agreed terms that are fair and reasonable.

'It should always be remembered that the code is not new "legislation", but rather a commitment to good practices. While highlighting those who fail to sign up to the code may indeed find popular support, much more can be gained by encouraging best practice and ensuring businesses have the information and tools they require to develop a mutually beneficial trading relationship.'

Companies wishing to get their hands on the managing cashflow guides, can find them here