Late payment crisis: One of the biggest issues facing small businesses
According to recent research by Xero, on average, small businesses in the UK are owed £24,841 as a result of late payments.
Late payments are one of the biggest issues facing SMEs today, and just one late payment can create a knock on effect throughout a chain of suppliers and customers. What can be done to minimise the problem?
Feel like you’re forever chasing payments?
If your business is suffering from a late payment crisis, you’re not alone! SMEs are currently owed over £14 billion in late payments. On top of that, businesses spend several days each month chasing outstanding payments in order to be able to cover costs such as staff wages and equipment.
Your outsourced financial department
That’s where we can help – here at Clear Vision, a financial management company in Romsey, Hampshire, we can act as your outsourced financial department. We’ll work closely alongside you, managing all of the day-to-day bookkeeping, processing invoices, running payroll, liaising with suppliers, provide cash flow forecasts, monitor profitability and chase outstanding invoices, so you don’t have to. We can also support any business growth plans through financing solutions.