Unpaid invoices can be a pain. You have to spend time chasing the customer, when you would rather be doing something else that’s more enjoyable or contributes greater value to your business.
At the other end of the scale, unpaid invoices can seriously strain your cash flow and threaten your business’s survival. The Federation of Small Businesses attributes the failure of some 50,000 small firms a year to late payment. According to the government, a third of payments to UK SMEs are late and a fifth of small firms have run into cash flow problems as a result.
So, what should you do if your business has a problem with overdue invoices?