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Running and sustaining a small business is not always easy, especially when faced with late payments. Unpaid invoices can have a big impact on SMEs relying on consistent money flow, but what industries are missing out on the most money due to unpaid invoices?
To find out, a new study by Capital on Tap has asked over 250 small business owners how often they have to chase unpaid invoices, and the amount of delayed income they are waiting to receive.
Top five industries most affected by unpaid invoices
Amount of money business owners are waiting on due to unpaid invoices
Retailers (except food & drug)
Industrial equipment: Nonferrous metals/minerals
Containers & glass products
Key findings from this study:
With £1,532 worth of unpaid invoices, retailers are being affected the most by overdue invoices
Small businesses in the property management and development sector are seeing the least financial impact of unpaid invoices, at £1,032
On average, small businesses in the UK have to chase overdue invoices twice a week
Additionally, this study highlights which industries have to chase unpaid invoices the most and shares insightful expert tips on how to chase unpaid invoices efficiently.
More information can be found in the press release below, or here: https://www.capitalontap.com/en/blog/posts/unpaid-invoices/