With the average small business being owed £23,360 in overdue payments from clients on any given day, late payments are one of the biggest challenges facing SMEs.
Now chartered accountants Lovewell Blake is holding a special masterclass to help businesses get paid on time. It takes place on Tuesday 3rd December at the firm’s offices on Broadland Business Park in Norwich.
Aimed at users of the Xero cloud accounting system, the masterclass will demonstrate how small businesses can use the software to ensure invoices are paid by the due date, and chase and collect those which haven’t been paid more easily.
Research from Xero published earlier this year showed that late payment of invoices was one of the biggest problems facing small businesses. Amongst the findings were:
• 48 per cent of invoices issued by small businesses are paid after the due date
• The average delay for late payment of invoices was 14 days
• The average small business owner spends two weeks every year chasing late payments
Lovewell Blake partner Shaun Mary, who will lead the masterclass, said, “Not getting paid on time can have a devastating impact on a business’s productivity. Not only does it stifle cash flow, but it is holding back growth and stopping business owners making decisions for the future.
“Late payments prevent businesses investing in technology, staff and stock, so finding ways to use cloud accounting to reduce payment time could give a business a real boost in many areas.”
The ‘Get Paid On Time’ masterclass takes place at 7.45am on Tuesday 3rd December at Lovewell Blake’s office on Broadland Business Park in Norwich, and is aimed at businesses using the Xero cloud accounting system. Attendance is free, but places must be booked in advance. More details at can be found here