Unpaid Invoices are a Major Problem For SMBs

Unpaid Invoices are a Major Problem For SMBs

While many different people open businesses, the primary reason that they all do so is to make money. A positive cash flow is essential if the business is to generate funds that support a cause or provide a decent living. However, to collect this cash flow, a business must have their invoices returned. As it happens, this doesn’t often occur in a timely manner.

Whether you own a business or work for one, you need the business to make money so you can make money and settle your finances and debts. This becomes challenging when the status quo dictates that payment terms can stretch the time for an invoice to be paid to up to three months. This delay between the transaction and the actual payment has led to many operational difficulties in many businesses.

There’s a good chance that you know about this from firsthand experience, as these difficulties are exceptionally common. Estimates have attributed 5 percent of the national gross domestic product to unpaid invoices. 81 percent of invoices are past due by 30 days or more, with the average small business waiting for approximately $84,000 to come in from invoices that have yet to be paid. This average business also only has about 27 days of assets saved.

Added up, estimates say that businesses were owed $825 billion in unpaid invoices in 2016.

It is pretty clear that outstanding invoices are a considerable problem for small businesses, and in some cases medium-sized establishments as well. Improvement and innovation simply can’t happen if all of a business’ funds are tied up in sustaining themselves as they wait for payment. When was the last time you had to postpone something as you waited for money to be available for it?

However, sometimes you have to spend money in order to make money. With the services we offer at Haber Group, you can have your capital spend reduced by budgeting your IT costs into a predictable monthly rate. We’ll provide you with software that can help you keep track of from where, and when, you should expect a payment.

For more information about line of business applications and the other solutions we have available, give us a call at 866.625.3560.

Net Neutrality Still Needs Your Help!
How Technology Allows Fake News to Spread


Already Registered? Login Here
No comments made yet. Be the first to submit a comment

Mobile? Grab this Article!

Qr Code

Tag Cloud

Tip of the Week Security Best Practices Technology Cloud Email Malware Hackers Privacy Business Internet Computer Business Computing Microsoft Software Hosted Solutions Mobile Devices Google Backup Network Security Windows 10 Ransomware Android Hardware Smartphone IT Services User Tips Small Business Managed IT Services Data Management Tech Term Gmail Data Productivity Windows Facebook Browser IT Support Business Continuity Saving Money Internet of Things Cloud Computing App Server Office 365 Artificial Intelligence Upgrade Phishing Business Management Disaster Recovery Smartphones Word Managed Service Provider Efficiency Cybersecurity Encryption Data Recovery Microsoft Office Remote Monitoring Big Data Outsourced IT Managed IT Services Money Workplace Tips Social Media Government Windows 10 Employer-Employee Relationship Tip of the week Data Backup Innovation Communication Office Tips Productivity Chrome Content Filtering Spam Infrastructure IT Support Website YouTube communications Miscellaneous IT Management Robot Risk Management Wireless VoIP Firewall Vulnerability Customer Service Antivirus Passwords WiFi Avoiding Downtime Apple The Internet of Things Settings Two-factor Authentication Analytics Data storage Bandwidth Applications Server Management Mobile Security Outlook Search Unified Threat Management Monitors Holiday IBM Telephone Systems Apps Mobile Device Maintenance Printing Administration Automation Scam Customer Relationship Management End of Support Hacking BYOD Tablet Wi-Fi Computing Google Drive Password Mouse Vendor Management Augmented Reality Save Money Presentation Network LiFi Safety VPN Data Security HIPAA Virtual Reality Hacker Office Wireless Technology Storage Data loss Business Technology Hosted Solution Recovery Paperless Office Virtual Private Network SaaS Drones Licensing Continuity Google Maps Alt Codes Dark Data Users Managed IT Service Modem Digital Lenovo Value Knowledge Smart Office Touchscreen Specifications Compliance Remote Computing Sports Charging Mail Merge Going Green Social Engineering Education Unified Threat Management Downloads IT Technicians Mobile Office Wires Disaster Shortcut Social Hard Drives Online IoT Spyware Superfish Cooperation Solar Statistics Typing Break Fix Cookies Hotspot Professional Services Digital Payment Experience Unified Communications Work Deep Learning Humor Black Friday Regulations Address Quick Tips User Error Operating System User Multi-Factor Security Mirgation Chromebook Mobile Device Management Running Cable Voice over Internet Protocol Uninterrupted Power Supply Patch Management Hacks Refrigeration Microsoft Excel Star Wars Politics Budget Public Speaking Staff Collaboration Business Intelligence Bluetooth Cryptocurrency Dark Web Nanotechnology Virtual Desktop Competition Language USB Optimization Bring Your Own Device sip Cyber Monday Social Networking Buisness Corporate Profile How To Tech Support Document Management IT solutions VoIP Google Calendar Chatbots Lithium-ion battery Laptop FinTech Solid State Drive Blockchain Cost Management How To Networking Printer Wearable Technology File Sharing Company Culture Bitcoin Network Congestion Net Neutrality Screen Reader Computer Care Computing Infrastructure Dongle Recycling IT service Heating/Cooling Best Practice telephony Smart Technology Motherboard Samsung 5G WannaCry Information Technology Websites Identity Theft Cortana Time Management Google Docs Legislation Identity Halloween MSP Hard Disk Drive Writing Undo Permissions Assessment Firefox Access Control Managing Stress Cabling Windows 8 Computers Marketing FCC Smart Tech Training Fun Google Wallet Alerts Service Level Agreement Automobile eWaste BDR Servers Business Growth Gadgets Application Distributed Denial of Service Router Downtime Internet Exlporer Network Management Comparison Scary Stories Development Current Events Retail Virtualization Fraud Techology Legal SharePoint IP Address Cybercrime Cables Managed IT Display Title II Connectivity 3D Printing Personal Information Administrator Crowdsourcing Taxes Machine Learning IT Budget Web Server Update GPS Unsupported Software Domains Computer Repair IT Consultant Relocation Processors Cameras Tracking Meetings CrashOverride Mobile Data Health Cleaning Private Cloud Alert CCTV Emoji Webcam Electronic Medical Records Work/Life Balance Error Emergency Black Market Point of Sale Mobile Computing Physical Security Travel Law Enforcement Upgrades Notifications G Suite Botnet Supercomputer Twitter Motion Sickness Gadget Staffing