According to software company Intuit, of the 508 small businesses surveyed, the average Australian SME is left in the red to the tune of an average USD 13.200.
Almost a quarter of small businesses that dont insist on upfront payments have to wait more than a month to be paid. This can be disruptive to cash flow as small business owners report they spend an average 12 days per year chasing unpaid invoices.
The research also has found 27 % of small businesses that dont insist on upfront payments have been forced to take loans or use credit to pay suppliers and wages.
The source also adds that Australian businesses owners’ struggles revolve around manual handling of invoices and tracking and argues that the way forward is switching to one cloud-based invoicing system while keeping an eye on the payment practices of debtors.
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