As a small business owner, you need to know how much money you have in your company at any time. It is vital to know you can pay any bills due from suppliers, or to cover VAT or other expenses that could make or break your business if you fail to hit the deadline.
You’ve just completed your work on time and on schedule, doing what you and your business do best and now all you have to do is collect your deserved payment. However, what happens if you haven’t been paid yet and the invoice is overdue.
Seven in 10 small businesses in the UK have faced legal costs as a result of commercial disputes, amounting to a crippling £11.6 billion per year according to data from the Federation of Small Businesses.
Nearly a third of small businesses are being forced to delay payments to their own suppliers as a result of late payments creating cashflow difficulties for them, perpetuating the late-payment culture in business.
One of the important first steps for any company is setting up a website and social media accounts. Nowadays a whole host of services rely on you having a website as a way to check that you are a legitimate business and understand your products. Moreover, without a website and social media presence you may struggle to reach your customers.
The amount of money due on outstanding invoices for small businesses has risen by almost a quarter, from £63,881 in 2017 to £80,141 in 2018, according to the latest research from Dun & Bradstreet.
You arrive at your new office, you wipe the dust off the desks with a Pret napkin, you have to keep all your books on the floor until you put up a shelf and your laptop charger is stretching across the room to reach the sockets. These are consequences of some of the commonly overlooked factors when moving in to your first office. We had these exact problems and hopefully this blog can save you some time on panic trips to Staples!