Financial software firm XERO issued the research, which revealed that:
- Over half (52%) of UK business owners worry about unpaid invoices
- Worst affected regions found to be London where businesses spend 1.5 days per month chasing payments, followed by 1.3 days by businesses in Wales
- The business sector spending the most time chasing payments was found to be HR (3 days), followed by IT & Telecoms (1.8 days) and Manufacturing & Utilities (1.7 days)
It also showed that the two main reasons cited by small business as being the causes of late payments were that their customers were also waiting for payments themselves (32%), as well as a lack of consistency on payment terms (27%). In response to the growing concern over late payment of invoices, the company has produced a music video to showcase the frustrations felt by ordinary small firms when faced with late payers.
To get paid faster why not include a pay now button on your invoice