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  • Small businesses owed nearly £23k in late payments on average amid cost-of-living crisis

Small businesses owed nearly £23k in late payments on average amid cost-of-living crisis

New data from the Intuit QuickBooks Late Payments Bulletin reveals that the ongoing issue of late payments among small businesses is persisting, hitting small businesses' cashflow at a time when the cost-of-living crisis is intensifying.

by | 30 Aug, 2022

QuickBooks’ study2 found that the average amount owed to small businesses with at least one overdue invoice has risen 6% year on year to £22.7k in May 2022, up from £21.4k the previous year – which is 65%3 of the average small business’ typical monthly turnover.

Meanwhile, almost two-thirds (65%) of invoices owed to small businesses were overdue within the month of May this year. In the same period last year this figure was 63%, as the cost-of-living crisis hits.

Read more at Yahoo Finance

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