Small Businesses Spend 10% Of Their Time Chasing Invoices

Xero recently undertook some research that showed small businesses in the UK are spending 10% of their day chasing invoices. This works out at 2 days per month! 64% of invoices are paid late, with the average overdue invoice paid 14 days late. This is crippling for small businesses, and causes many to fail, especially those just starting out. In fact, their stats show that those in the 25-34 age group spend more time chasing invoices than any other category, with over 55s spending the least.

Xero has launched a new service ChasingPayments.com where you can find lots of interesting stats, useful advice and invaluable tools to help you get paid faster.

This is a huge issue for small businesses so we are excited to see it being challenged head-on. We love that you can nominate good payers on there too, giving them a chance to be featured on the website and recognized for paying on time!

Further reading
OrderSpace - Stripe Add-on
DIY PR for small businesses
Managing seasonal admin