Use automatic invoice reminders to get paid faster with Xero

Waiting to get paid is one of the most frustrating things about running a small or medium-sized business.

A study by the Federation of Small Businesses (FSB) found that UK small businesses are owed an average of £6,142 - mostly by larger firms.

Sometimes, raising and chasing invoices can feel like a full-time job in itself, even if you’re using time-saving software like Xero.

If you’re struggling with late payments or you want to spend less time on the monthly financial admin, using automatic invoice reminders could help.

Small Business Advice Week: Make sure you get paid on time

This week is Small Business Advice Week. Freelancers and other micro business owners can get lots of useful help and advice by visiting the Small Business Advice Week website and they can join in productive conversations happening on Twitter by using the hashtag #SBAW.
For our part, we want to address one of the biggest issues faced by small business owners – how to make sure they get paid on time.

Big Firms Could Be Charged in Latest Late Payment Crackdown

Proposals released by Small Business Minister Kelly Tolhurst will make the boards of big companies more accountable for late payments to small businesses.

And, for the first time, large firms could be fined if they don’t pay smaller suppliers on time.

The amount owed in late payments has halved over the last five years, but the government wants to go further to support the nation’s smallest businesses.

FreeAgent: Just 51% of invoices paid on time

Research showing that almost 50% of invoices are not paid on time has strengthened calls for the government to tackle the late payment crisis affecting freelancers and other microbusinesses.
Conducted by cloud accountancy software company FreeAgent, the research analysed 50,000 businesses and hundreds of thousands of invoices from the last year.
Last year, the government pledged to tackle the late payment of invoices. In part this was to be done through a Small Business Commissioner, who would act as a champion for Britain’s busy small businesses. But this post has yet to be filled.