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The average small business owed £24,841 in unpaid invoices

Finance, Funding, Economy, Advice

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:

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