Forgotten invoices have cost small and medium-sized enterprises (SMEs) as much as £3.7 billion.
New research has underlined the importance of SMEs staying on top of their administrative responsibilities. Indeed, the report, produced by business and finance software provider Exact, shows that businesses could be missing out on as much as £3.7 billion each year through forgotten invoices.
The study centres on a survey of 450 SMEs and found that 20 per cent have forgotten to invoice for goods or services on at least one occasion. Of these, in around 12 per cent of cases, the job was worth between £5,000 and £10,000. However, in 6 per cent of instances, the forgotten invoice was worth more than £10,000.
And when all of these failings were added up, the cumulative errors were worth a jaw-dropping £3.7 billion.
Some 45 per cent of business owners confirmed that they have had to defer payments due to cash flow problems.
How can a virtual terminal help with invoicing?
For some smaller payments, a virtual terminal can be used to take card payments quickly and securely directly over the phone. By simply calling a supplier you can settle an invoice in just minutes using an online payment page.
This puts you back in control of your finances and allows you to contact your customers and take payment in one go.
A virtual terminal cuts out the need for cheques and transfers and can really make a difference to cashflow.
If you’re a small business owner and are finding it hard to stay on top of your invoicing, then a virtual terminal could make your life considerably easier.