Dealing with unpaid invoices can be worrying, stressful and complex. As a business, you may be wondering what to do about your growing debt, and what options you have for recovering the funds. You should rest assured – you are not alone.
Research shows that 13% of invoices remain unpaid each year for small businesses, and 39% of invoices fail to be paid on time. This leads many businesses spending hours chasing invoices and late payments when they could be working more productively.
There are many reasons that your customers might not be paying their invoices. This includes cash flow issues, problems with the work itself, companies going out of business and general administration.
Whatever your reasons for not getting the cash you are owed, it can have a dramatic impact on your cash flow and ability to pay invoices. This can put you in financial hardship which, if left unmanaged, could have serious implications for your business.