Small businesses threatened by late payments.

Micro-businesses owed £17bn in late payments

Britain’s smallest businesses are collectively owed almost £17bn in late payments, research shows, with the typical company spending an average of 19 days a year chasing invoices. The data, from the business software group Intuit, suggests these micro-businesses (defined as firms with fewer than 10 employees) are being hit disproportionately hard by the late payments issue.

http://www.independent.co.uk/news/business/sme/small-talk-the-picture-in-your-minds-eye-of-the-typical-entrepreneuris-probably-wrong-10319610.html

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We give a great deal of consideration to Cash Budgeting in our studies as it is critical to company survival. There is the mantra “Collect Early, Pay Late”. The smaller you are the less likely you are to be able to collect early and the more likely you are to be paid late.

About Jonathan Rooks

Jonathan is an accountant who specialises in Management Accounting, the running of a business. He works with entrepreneurs to help them increase income and reduce costs.
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