Being paid on time is the lifeblood for any business. A customer missing a payment can ripple across the business restricting cash flow, cause concern about the ability to settle your due invoices and meet regular obligations such as staff salaries, tax, PAYE and VAT payments.
At any one-time SMEs are owed £14bn in unpaid invoices. If those invoices were paid on-time the economy would be boosted by £2.5bn!
Download the latest tips from Wesleyan Bank on how to stop late payments affecting yours or your clients’ cash flow.