A report from Siemens Financial Services shows that late payments cause UK SMEs to miss out on over £250 billion of liquid cash flow every year.
Unpaid invoices and the costs associated with companies pursuing customers’ payments, as well as long payment terms, mean that SMEs in the UK are missing out on over £250 billion of liquid cash flow every year. Integral to the UK economy, SMEs account for 47 per cent of all private sector turnover.
Delayed payments from customers can threaten SMEs’ ability to trade, stifle appetite for growth and recruitment and, in the worst cases, lead to insolvencies. As a consequence, leaving SMEs to cope with the problem is harming the economy as a whole.
Read the full article at: http://smallbusiness.co.uk/late-payments-uk-smes-2539988/