Running a business is stressful enough without worrying about chasing overdue payments from customers. This infographic created by SME Invoice Finance takes a look at the impact late payments had on small to medium-sized business across the UK in 2019.
Over half of UK SME's (54%) ran into difficulty getting invoices paid on time. This totalled whopping £23.4 billion in late payments. That's up significantly by £13.4 billion from the previous year, which stood at £10.4 billion.
The study showed that a large proportion of private sector late payments are owed to SME's by other SME's. Late payments can cause unnecessary strain on businesses and can negatively affect the whole company, from struggling to pay bills to not paying staff on time.
Companies most affected by late payments are Wholesale trade, with an average debt burden of £42,989 per wholesale business. Not all SME's are lucky enough to survive, as 50,000 businesses a year close due to clients not paying on time.
Over half of UK SME's (54%) ran into difficulty getting invoices paid on time. This totalled whopping £23.4 billion in late payments. That's up significantly by £13.4 billion from the previous year, which stood at £10.4 billion.
The study showed that a large proportion of private sector late payments are owed to SME's by other SME's. Late payments can cause unnecessary strain on businesses and can negatively affect the whole company, from struggling to pay bills to not paying staff on time.
Companies most affected by late payments are Wholesale trade, with an average debt burden of £42,989 per wholesale business. Not all SME's are lucky enough to survive, as 50,000 businesses a year close due to clients not paying on time.
Infographic Source: https://www.smeinvoicefinance.co.uk/billions-owed-to-uk-smes-in-late-payments/
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