Late payments and unpaid accounts have been named the most common causes of cashflow trouble amongst small businesses in the UK. Despite attention from successive governments the issue of late payments still remains.
The latest research done by Sage found that more than two thirds of firms (68%) have to wait 60 days or more for payment and more than half are waiting over 90 days.
For two out of three business owners (67%), larger firms are the worst offenders when [...]
Many small business owners pay cash out of their pocket for business expenses while out and about, put the receipt in their pocket, and never see it again. This is all fine and dandy until it comes time to make a record of that expense.
This is a problem for small businesses because in order to maintain good financial records, you must keep track of ALL your expenses. Furthermore, poor records equate to thousands of pounds in lost tax deductions.
Although a number of businesses, especially those in retail, experience their highest sales during the Christmas period, for other small businesses it can be one of the most difficult times of the year.
Businesses in a number of sectors suffer a decrease in production and sales and may shut down completely for a couple of weeks.
At the same time, they still have to pay wages to staff who may be away on holidays, as well as keep up with other [...]