In a dream world, all invoices you issue to your customers get paid on time. But, as all businesses know, this is not the case.
In the average month, 48% of all invoices issued get paid late (Xero and Paypal), and these late payments are one of the main reasons for cash flow problems which each year leave 50,000 businesses in the UK with no choice but to close down (FSB).
According to some economists, it's only a matter of time before we feel the effects of a looming global recession. This is bad news for businesses all around the world, especially in light of the existing late payment crisis. When a recession hits, companies will be scrambling to get paid, and your business needs to be prepared.
The good news is that there are several things you can do to make sure you end the year in the best possible way, with no overdue receivables.
Chaser has helped businesses chase and recover over $10 billion in late payments to date and we want to give you our best tips on how your business can get all your overdue invoices paid before 2023.