Small businesses losing millions by 'forgetting' to invoice, survey shows

Tuesday 24 March 2020 10:10 CET | News

Around a third of micro-business owners are struggling with payment, according to a survey carried out by 3Gem for Amaiz, a new banking app.

Furthermore, nearly 15% still only take cash and of those 31.5% reported that they would lose a customer because of it. 34.6% of all micro businesses reported that they have forgotten to invoice a client. For 50% of these business owners the amount lost was at least GBP 250 and nearly 8% reported that they have lost at least GBP 1,000.

500 micro businesses were asked about their challenges with payment in order to help Amaiz prioritise the services they offer on their new app (launched in 2019), that combines bookkeeping and banking.

The UK private sector business population was made up of 3.5 million sole proprietorships in 2019. So, if there are 3.5 million sole traders in the UK (2019) and if each one of them has forgotten to invoice on average GBP 250 - GBP 500 in the last 12 months, the national figure would be GBP 875million - 1.7 billion, Amaiz representatives concluded.

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Keywords: invoicing, banking, fintech, card payments, mobile app, mobile banking, survey, small businesses, UK, Amaiz
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: United Kingdom
This article is part of category

Banking & Fintech