Are late payments hurting your business? As Xero certified business advisors, Primasia is your partner in Cloud Accounting and able to assist you in clearing all those late payments quickly! Our specialists assist you and get your company up and running on the future of accounting– Xero. We will provide the training you need to utilize this amazing software and get to the bottom of your invoice pile. Xero provides a deeper understanding of your business and will help you understand how successful your business is at a glance. Primasia and Xero can also help you get through tax season with minimal stress, leaving you feeling confident and successful.
Think late invoices are no big deal? Think again! Late invoices can have a huge impact, and devastating effect, on a company’s cash flow– especially small businesses. In today’s world it has almost become the norm to pay bills late, and this has a direct impact on your bottom line. Here are the facts from PayPal and Xero’s research:
- In an average month, almost half (48%) of invoices are paid late. They are also paid 14 days late on average.
- The situation only gets worse over time: on an average day in February 2019, businesses were owed £23,360. Compared with February 2018, when businesses were owed £20,004 in late payments – that’s a 17% increase in twelve months. Shocking.
- 37% of entrepreneurs have considered giving up their business entirely due to cash flow issues. If even a fraction of them actually did give up, this would cause economic instability.
- Three-quarters of entrepreneurs say that running a business would feel more ‘worth it’ if late payments weren’t a thing. And 26% say they’d enjoy better physical health!
In essence, this means that business owners are experiencing poor cash flow, which leads to rising debt and feeling of failure. This creates a vicious cycle, after all it’s hard to lead a company when you’re feeling like a failure!
Taking initiative to solve the late payment problem can be the difference between your company thriving, or failing. By investing and using modern technology such as Xero, businesses can eliminate their late payments and ensure they get paid in good time in the future.
While you focus on the important stuff, let our financial experts provide you with the Payroll and Corporate Services that will help your company thrive. Get back to business, with Primasia Corporate Services. Ready to get started? Email us at firstname.lastname@example.org or Call 2882 2088 today!
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