One in ten SMEs invoices are paid late -report

Monday 10 February 2014 09:41 CET | News

Small businesses are owed more than GBP 55 billion in unpaid or outstanding invoices, recent findings indicate.

According to a study by UK-based payment service provider Sage Pay, the average business is owed GBP 11,358, with one in five owed more than GBP 30,000.

With 67 % of SME business owners saying they still use paper invoices, the study also reveals that such businesses spend the equivalent of two weeks each year chasing unpaid invoices. For one in ten companies, a third (33 %) of invoices is paid late.

When it comes to new invoicing methods, mid-sized companies are leading the way, with 85 % saying they have adopted e-invoicing.

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Keywords: SMEs, invoices, paid late, e-invoices, UK, online payment provider
Categories: Banking & Fintech
Countries: World
This article is part of category

Banking & Fintech