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.
Read the full article HERE.
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- Merchant Broker – Paying too much for your processing fees?