Late Payments Cost More Than You Think
Posted on 11th June 2018 at 09:39
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.