Twenty per cent of SME owners admit forgetting to invoice

09 - 10 - 2013

A surprisingly high number of small and medium sized enterprises (SMEs) in the UK are losing out on money as a result of forgetting to invoice.

A survey of 450 businesses found that around 20 per cent of owners admitted that they have forgotten to invoice for goods and services at least once.

Twelve per cent of those who admitted to neglecting to invoice did not invoice for work worth between £5,000 and £10,000.

Six per cent had not invoiced for work valued at £10,000 or more.

A worrying 25 per cent of business owners confessed to not feeling in control of their business finances and half admitted deferring payments (including the payment of wages to staff) due to cash flow problems.

However, over half (54 per cent) of the business owners surveyed said they trust their accountant more than anyone else.

Hartmut Wagner, managing director of Cloud Solutions Exact, said: ‘We don’t want to blow this issue out of proportion but these findings do highlight that many SMEs who are eager to grow are not doing themselves any favours, particularly with so many of them expressing concern over their cashflow.’

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Foremans LLP