The average small business owed £24,841 in unpaid invoices
The average small UK business owner is owed £24,841 in late payments on any given day, according to a study of two million invoices.
The research, undertaken by accounting software provider Xero, lifted the lid on Britain’s late payment problem, with so-called “supply chain bullies” treating smaller companies like cash flow solutions.
Late payments worth almost £25,000 equate to 11 months’ average staff wage, 37 months of mortgage payments or nine family holidays. Meanwhile, around 50,000 small businesses fold every year because of cash flow problems.
The research arrives as the Department for Business, Energy and Industrial Strategy’s (BEIS) call for evidence on new proposals to tackle late payments ends today.
Read the full article HERE.
If your business is one of the many that are affected by Britain’s late payment problem we can offer a number of solutions to help with cash flow:
Talk to us about:
- Invoice discounting & factoring – The flexibility for the facility to grow as your business grows.
- Tax & VAT funding – Cash flow assistance when you really need it for your business.
- Asset finance – The quick & easy way to fund essential business purchases.
- Unsecured business loan – We have access to an innovative provider of business loans from £5,000 to £1 million.
- Crowdfunding & peer to peer lending – There’s a large number of new funders with a wide range of terms available.
- Merchant Broker – Paying too much for your processing fees?
Funding can be a confusing subject We’re happy to help so call us today: 01752 227 966 or drop us an email: advice@balanceforbusiness.co.uk
