£26 billion. That's how much UK small businesses are currently owed in unpaid invoices. This isn't just a national statistic - it represents thousands of business owners waiting to be paid for work they've already completed. Cash that could be covering wages, paying suppliers, investing in growth, or simply keeping the lights on. For businesses across Surrey, late payments aren't just frustrating - they can have a real impact on cash flow and day-to-day operations. The proposed 𝗖𝗼𝗺𝗺𝗲𝗿𝗰𝗶𝗮𝗹 𝗣𝗮𝘆𝗺𝗲𝗻𝘁𝘀 𝗕𝗶𝗹𝗹 is a positive step towards tackling the issue, with stricter reporting requirements and greater accountability for large companies. But you don't have to wait for legislation to take control of your cash flow. Here are 𝘁𝗵𝗿𝗲𝗲 𝗽𝗿𝗮𝗰𝘁𝗶𝗰𝗮𝗹 𝘀𝘁𝗲𝗽𝘀 you can implement today: ✅ 𝗥𝗲𝘃𝗶𝗲𝘄 𝘆𝗼𝘂𝗿 𝗽𝗮𝘆𝗺𝗲𝗻𝘁 𝘁𝗲𝗿𝗺𝘀 Don't assume 30-day terms are right for every client. Shorter payment terms or requesting a deposit upfront can significantly improve cash flow. ✅ 𝗔𝘂𝘁𝗼𝗺𝗮𝘁𝗲 𝘆𝗼𝘂𝗿 𝗶𝗻𝘃𝗼𝗶𝗰𝗲 𝗿𝗲𝗺𝗶𝗻𝗱𝗲𝗿𝘀 Cloud accounting software such as Xero or QuickBooks can send automatic payment reminders, helping you chase invoices consistently and professionally. ✅ 𝗛𝗮𝘃𝗲 𝗮 𝗰𝗹𝗲𝗮𝗿 𝗲𝘀𝗰𝗮𝗹𝗮𝘁𝗶𝗼𝗻 𝗽𝗿𝗼𝗰𝗲𝘀𝘀 Know exactly when you'll send reminders, make a phone call, pause work, or take further action. Having a process removes uncertainty and helps you act with confidence. Late payments may be common, but they shouldn't become an accepted part of running a business. 📖 Read the full article via the link in the comments or get in touch if you'd like support improving your financial processes. 📞 07500 962377 📧 info@360accounts.net #SurreyBusiness #GuildfordBusiness #WokingBusiness #SmallBusinessUK #CashFlow #LatePayments #Bookkeeping #BusinessGrowth #Xero #QuickBooks - @360.accounts