The report has revealed that more than half (52%) of Britain’s small and medium-sized businesses are owed at least GBP 10,000 each in late payments, with 43% of business owners claiming to be owed more than GBP 20,000 in outstanding invoices.
When it comes to monitoring financial health, 63% of respondents admitted it had been at least a month since they last ran a check on their company’s finances even though 51% said they believed identifying early signs of cash flow problems was a key factor to ensure future growth.
A recent study by Intuit painted a similar picture as it found that Britain’s micro-businesses – companies with less than 10 employees – are owed GBP 16.9 billion in unpaid invoices.
In July 2015, the government unveiled the appointment of a small business commissioner to help smaller firms settle late payments disputes with larger companies.
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