According to our latest research, late payments are causing issues for over two fifths of SMEs, with the problem increasing in spring and summer.
The research has revealed that the delayed settlement of customer invoices is causing problems for over two fifths of SMEs, and having a significant impact on those affected. Of businesses that said they were affected by late payments, over half said that it made cash flow difficult to manage. Others said that it significantly impacted their ability to trade and that they spent time chasing payments.
It's concerning to hear that over two fifths of small and medium enterprises have a issue with late payments. Unpaid and delayed invoices can have a detrimental impact on business’ working capital and prevent them from achieving their goals or, worse, continuing business-as-usual trading.