Micro-businesses – that’s firms with 1-10 employees – account for 96 percent of all businesses in the UK. Their continued health is absolutely vital to a vibrant economy but our new research demonstrates they’re at risk from the late payments culture so prevalent in the UK. Collectively, they are owed a staggering £16.9 billion in outstanding payments. This delay in payment is dramatically stifling their growth, with 32 percent forced to take on loans or credit to survive and many in danger of going out of business altogether.
Our research, which surveyed 250 micro-business owners, found that they spend 19 full working days chasing invoices. What’s more shocking is that only 36 percent of respondents claimed to issue invoices via email – with the majority still issuing traditional paper invoices – even though e-invoicing has the potential to significantly improve cash flow by helping micro-businesses get paid faster.
Click on our micro-business street below to discover more: http://www.intuit.co.uk/quickbooks-payments
We’ll be writing more very shortly on the research, what it means for micro-businesses and some steps to take to deal with the problem to help you get paid more quickly.