Monthly Archives: November 2015

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Unpaid Invoices leaving SMEs in a Cash Crunch

A recent study conducted buy PayPal and Intuit shows that on an average small businesses are owed $13,000 and one forth of these businesses resort to credit from banks for their operating cash.

On an average a small business spends 12 days in a year chasing unpaid invoices.

Other prominent findings;

  • only 12% of small businesses request upfront payment, with two thirds (67%) taking up to a week to issue an invoice and one in 10 invoicing more than a week
  • 27% of small businesses have been forced to take on loans or credit to pay suppliers and wages
  • 24% of small businesses that don’t insist on upfront payments wait more than a month to be paid
  • 29% that don’t insist on upfront payments say reducing the time taken to get paid will enable them to run the business more effectively.

 


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Debt Collection made easy with Xero

Category : Xero

Cash is king!

Xero understands the importance of cash flow to a business and has introduced a feature to set reminders for customers.

Xero has simplified the task on debt collection by sending automated emails to customer when their invoices are overdue.

To learn more about debt collection in Xero call 1300 360 749 and talk to one of our consultants.