A new survey of 450 SMEs suggests that businesses are losing out on billions in revenue every year. 20% of the SMEs surveyed have forgotten to invoice for goods or services at least once and, amongst these, 12% said that the job was worth between £5k and £10k, while 6% have forgotten to invoice for a job worth more than £10k.
This means that 99.9% of all private sector businesses in the UK, which is made up of the UK's 4.8 million SMEs, could be out of pocket by £3.7bn in total.
Debtcol Director Paul Davies commented:
"These survey results are not surprisiing. I come across many small businesses, that simply do not have basic internal procedures in place to avoid this sort of thing happening. Obviously you should raise and send your invoice immediately after you have supplied the goods or service. The sooner you invoice, the sooner you can get paid. Whether it`s actual invoicing or chasing for payment, it`s vital to have a process in place to make sure you get paid as quickly as possible."