March 23rd, 2017.



A new report from Siemens Financial Services (SFS) says that slow and late invoice payments mean SMEs in the UK are missing out on billions of pounds of liquid cash flow.

A typical SME spends 130 hours a year chasing outstanding invoices, equating to a cost of £10.8 billion per year. This cost, combined with the average value of unpaid invoices, equates to £250 billion.

When compared with, larger companies, SMEs continue to suffer from slow and/or late payments disproportionately because they tend to be positioned towards the end of the supply chain.

Businesses with an annual turnover of under £1 million wait on average 72 days for invoices to be paid.

Businesses with an annual turnover of between £1 million and £10 million wait on average 53-54 days. This is significantly longer than the largest businesses, which typically wait 48 days.The problem is being compounded by....


For the full story at smallbusiness.co.uk CLICK HERE.