Remember to make your invoices!
The Telegraph today reports on a study made by Exact, a business and finance software provider, which found that of 450 SMEs surveyed, 20% of them had forgotten to invoice for goods or services at least once. Taking those figures across the industry, the 4.8m SMEs in the UK could collectively be out of pocket by as much as £3.7bn!
The study also revealed that that biggest concern for SMEs is fighting for new business, followed by worries over finances, such as cash-flow issues, with 45% of respondents saying that they have had to defer payments of one kind or another, including failing to pay their staff wages on time.
It’s not all doom and gloom, however – the report claims that 54% of SME leaders trust their accountant more than anybody else, with that trust being reciprocated by us (51% of the accountants polled felt that they had some influence over their clients broader decision making).
One thing highlighted by the report, however, is a general lack of communication between SMEs and accountants – just under two thirds of accountants communicate with their SME clients no more than once a month.