Last Updated on: 22nd November 2023, 02:56 am
IBN Technologies, a prominent outsourcing service provider in the UK, has recognised the financial challenge small businesses face with late payments. Research reveals that small businesses spend a collective £684 million each year to recover payments that are overdue. To tackle this issue, the organisation is underscoring the strategic outsourcing of Accounts Receivables (AR) Management as a cost-effective financial management solution.
Recent analyses show that small businesses experience delays in payments, with an average of 5.8 days overdue. This trend has a significant impact on business operations and acts as a barrier to seizing growth opportunities.
“The numbers reveal the acute challenge that late payments pose for small business owners,” says Ajay Mehta, CEO of IBN Technologies. “The domino effect of such delays can be damaging, impacting operational efficiency, cash flow, and even customer relationships.”
A report by the Federation of Small Businesses (FSB) found that around 52% of small businesses in the UK experience payment delays. Xero’s research shows that half of the invoices issued by small businesses are paid late, with 12% of them paid over a month after their due date. The FSB’s report also highlights the current lack of protection for small businesses from late payers.
IBN Technologies believes that strategic outsourcing of Accounts Receivables (AR) Management is a solution to the late payments problem. This approach enables businesses to focus on their core strengths and grow, rather than worrying about collecting payments. The organisation provides tailored, industry-specific AR solutions to sectors ranging from education and construction to administration and IT.
IBN Technologies’ Quote-to-Cash (Q2C) solution is a comprehensive framework that streamlines every aspect of financial flow, from quoting and order processing to invoicing and cash application. This integrated approach culminates in better credit and collections management, ensuring a smoother and more reliable financial cycle.
The company also provides Record-to-Report (R2R) services to empower businesses with financial clarity. Through meticulous risk management, budgeting, forecasting, management reporting, and general accounting and reconciliation, IBN Technologies enables businesses to navigate complexities with confidence.
Additionally, AR Automation Solutions leverage cutting-edge technology to automate the AR process, effectively streamlining operations and accelerating the payment collection cycle.
“We understand the challenges that late payments pose for small businesses, and our strategic outsourcing solutions are tailored to alleviate this burden. We enable businesses to regain control of their finances, providing them with the resources and expertise they need to thrive,” says Ajay Mehta, CEO of IBN Technologies.
IBN Technologies LLC is an outsourcing specialist company with clients in the United States, the United Kingdom, the Middle East, and India. The quality of IBN Tech procedures is guaranteed by ISO 9001:2015, 27001:2022 as well as a CMMI-5 certification. In its more than 24 years of existence, IBN has become a leading IT, KPO, and BPO outsourcing specialist company in the Finance & Accounting, CPAs, Hedge Fund & Other Alternative Investment business, Banking, Travel, Human Resource & Retail Industry sectors.
Small businesses in the UK are facing a major financial challenge with the issue of late payments. Recent research has revealed that small businesses collectively spend £684 million annually to recover payments that are past due. To address this issue, IBN Technologies LLC, an outsourcing specialist company, is promoting the strategic outsourcing of Accounts Receivables (AR) Management as a cost-effective solution.
The impact of late payments is substantial, with most small businesses receiving payments nearly 5.8 days late on average. This trend causes disruptions to business operations and acts as a hindrance to seizing growth opportunities.
“The numbers show the acute challenge that late payments pose for small business owners,” states Ajay Mehta, CEO of IBN Technologies. “The domino effect of such delays can be damaging, impacting operational efficiency, cash flow, and even customer relationships.”
Reports by the Federation of Small Businesses (FSB) and Xero have revealed that around 52% of small businesses in the UK experience payment delays, with half of the invoices issued by small businesses paid late, and 12% paid over a month after their due date. The FSB’s report highlights the inadequacy of current measures to hold late payers accountable, emphasizing the urgent need for better protection for small businesses.
IBN Technologies is offering a range of strategic outsourcing solutions to help small businesses tackle the issue of late payments. Quote-to-Cash (Q2C) and Record-to-Report (R2R) services provide financial clarity and streamline the payment collection cycle, while AR Automation Solutions leverage cutting-edge technology to automate the AR process.
“We understand the challenges that late
