SMEs are wasting vast resources by using employees to deal with financial processes unrelated to their role, a new survey has suggested. The average worker spends close to two full working days per month on financial processes, according to a survey of more than 550 business owners around the world, with responding to supplier/customer enquiries (2 hours 19 minutes), creating and sending invoices (1 hour 55 minutes) and reviewing invoices (1 hour 45 minutes) contributing heavily. A lack of clarity regarding invoice procedures was also said to be causing general uncertainty regarding invoicing responsibilities at a number of SMEs surveyed.Allan Underwood, Corporate Manager for SBF, said: “With the resources of SMEs becoming increasingly stretched during the challenging economic climate, employees often find they have to spread the responsibility of invoicing around”. “This can lead to poor cashflow for the SME in question and hinder relationships with both debtors and suppliers, affecting the future viability of the business”, he concluded.
Have you considered Invoice Factoring?
Invoice factoring, a form of invoice finance, can be used by SMEs that issue invoices to help both improve cashflow and remove the strain of credit control. It works to release the cash you may have tied up in unpaid invoices, which often take 30, 60 or even 90 days to be settled as a result of late payment culture. Our team of experts also chase invoices on your behalf and ensure quick payments. Why not browse our website for more information on how invoice factoring helps to fund increased cashflow, email us on info@skiptonbf.co.uk or give us a call on 0845 602 9354 to have a chat about how we could help your business.