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 BNMC, 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 978-482-2020.



No comments made yet. Be the first to submit a comment
Already Registered? Login Here
Sunday, September 23 2018

Captcha Image

Subscribe to Our Blog!

Mobile? Grab this Article!

Qr Code

Tag Cloud

Security Tip of the Week Best Practices Technology Cloud Privacy Email Malware Hackers Business Computing Software Network Security Microsoft Internet Google Tech Term Computer Hosted Solutions IT Services Ransomware Business Mobile Devices Small Business Managed IT Services Android User Tips Backup Smartphone Windows Internet of Things IT Support Data Management Efficiency Saving Money Business Continuity Data Recovery Hardware Cloud Computing Innovation Cybersecurity Data Backup Data App Productivity Windows 10 Browser Communication Passwords Server Facebook Managed IT Services Business Management Remote Monitoring Artificial Intelligence Gmail Encryption Windows 10 Office 365 Productivity Smartphones Tip of the week Chrome Applications Managed Service Provider Microsoft Office Phishing Infrastructure Vulnerability Analytics communications Word Outsourced IT Network Disaster Recovery Money Employer-Employee Relationship IT Support Big Data Government Settings Google Drive BYOD Content Filtering Antivirus Bandwidth Upgrade YouTube Social Media Robot Maintenance Risk Management Save Money IT Management Website Office Tips Data storage Spam Computing Outlook SaaS HIPAA VoIP Mobile Device WiFi Paperless Office LiFi Holiday Hosted Solution Information Mobile Security Two-factor Authentication Avoiding Downtime Administration Scam Mouse Alert Unified Threat Management Data loss Miscellaneous Business Intelligence Workplace Tips Telephone Systems desktop Apple Vendor Management Monitors Storage Company Culture VPN Firewall Data Security Business Technology Automation Server Management Managing Stress End of Support Touchscreen Virtual Private Network Laptop Virtual Reality Wireless The Internet of Things Managed Service Fraud Cost Management Network Congestion Downloads Training Corporate Profile Alt Codes Identity Continuity Mail Merge Blockchain Screen Reader Charging VoIP Unified Threat Management Hard Disk Drive Bring Your Own Device Operating System Smart Office Shortcut Distributed Denial of Service Automobile Cybercrime Firefox Wi-Fi Superfish Dell Budget PowerPoint Licensing Dongle Downtime Writing Bluetooth Comparison Social Wires Permissions Cabling Information Technology Assessment Marketing Computers WannaCry Typing Humor Solar Address Smart Tech Gadgets Dark Data User Error Best Practice Work Patch Management Managed IT Service Google Maps Current Events Customer Relationship Management Onboarding Cooperation Service Level Agreement Retail Specifications Router Voice over Internet Protocol Politics Apps Slack Hotspot Internet Exlporer Display Heating/Cooling Multi-Factor Security Cryptocurrency Compliance Connectivity Users Halloween Customer Service Time Management Printer Google Docs IT Technicians Optimization Break Fix IT solutions Going Green Networking Digital Signage Staff Leominster Office Search Samsung Black Friday Digital Payment Education Hacks Modem FinTech Emergency Tech Support Disaster Google Wallet Monitoring Language Value Servers Google Calendar Digital Bitcoin Regulations Printing IoT Scary Stories Network Management Chromebook Access Control Business Growth Mirgation Recycling Dark Web Collaboration MSP Running Cable Legal Troubleshooting Augmented Reality K-12 Schools Social Engineering Cyber Monday Password Cookies Websites Uninterrupted Power Supply Unified Communications Drones Spying Computing Infrastructure Professional Services Buisness Legislation Document Management Spyware Windows 8 Social Networking Analysis Star Wars Sports SharePoint Computer Care IBM Hacker Chatbots eWaste Virtual Desktop Microsoft Excel File Sharing Nanotechnology Development Quick Tips Techology Solid State Drive Deep Learning Wearable Technology Network upgrade Safety Managed IT Smart Technology How To Lenovo Employee-Employer Relationship Alerts USB Statistics Remote Computing Tablet Identity Theft Motherboard Cables Travel Cortana 3D Printing G Suite Mobile Computing Machine Learning Processors Supercomputer CrashOverride BDR Motion Sickness Virtualization Staffing Unsupported Software Regulation Update Taxes Administrator Computer Repair Relocation Web Server what was your? IT Budget Mobile Data GPS Recovery IT Consultant How To Work/Life Balance Health Private Cloud Cameras Meetings Black Market Tracking Cleaning Law Enforcement Electronic Medical Records CCTV Notifications Physical Security Webcam Twitter Emoji Upgrades Gadget Printers Crowdsourcing Error Mobile Device Management Personal Information Botnet Point of Sale Ben McDonald shares

What Our Clients Say

  • BNMC has provided us with nothing less than outstanding service and results for all of our IT needs for the past few years. Every member of their staff is professional, knowledgeable, friendly and eager to solve any problem...
  • 1
  • 2
  • 3