SME's at risk over late payments

 

Nearly a quarter of all small and medium sized businesses (SMEs) in the UK are facing a potential financial crisis due to late payment of invoices, according to invoicing specialist Tungsten Corporation

 

Its survey of 1,000 senior decision makers in SMEs (up to 250 employees) found the average SME is owed £40,857 in unpaid invoices, with half (£20,937) of that total overdue.

Nearly a quarter (23%) of respondents said late payments have put them at risk of closure. The issue was most acute in the technology sector, where almost a third of all businesses (32%) had been impacted financially by late payments from customers.