Posts tagged “late payment”

A growing business is always a good thing. However, your staff may be stretched thin with time-consuming daily activities. Expanding your business doesn’t always mean adding more headcount. Hiring new positions is expensive; outsourcing is more cost effective. 
 
Why Outsource? 
 
When you use a firm to take care of your admin tasks, your current staff can focus on their core competencies. Working with a knowledgeable, reliable company, you can offload work like telephone answering, email monitoring, diary management, database management, GDPR implementation, and social media management. With extra support for these fundamental tasks, you won’t feel so far behind on all the day-to-day necessities of running a business. 
 
As a small business, on-time payments are critical to your cash flow. Unfortunately, they aren’t always received. This could put your small business at risk. Even the slightest adjustment can cause major challenges. 
 
When payments become late, you have to put in even more work to chase those payments. That includes emails and phone calls. Late payments really cost you more than you think. 
 
The risk is real 
Research has revealed just how risky late payments are for small businesses. In fact, research notes that 84% of small firms are paid late. Getting paid sooner keeps cash flow steady and consistent. While you may employ software to track billing and payments, you probably don’t have the time to stay on top your accounts receivable. 
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