News
FINANCIAL SERVICES | Staff Reporter, Singapore
view(s)

$4.1b of arrears owed to small businesses in 2018

Almost a fifth remain unpaid in 2019.

A total of $4.1b worth of invoices were paid late to small businesses in Singapore in 2018, according to small business platform Xero. Moreover, almost one fifth (18.8%) of invoices remain unpaid and have bled into 2019.

Xero’s data also found that last year, only 39% of payments to Singapore small businesses were made on time. About 11.3% of Singapore small businesses experience payments being made more than 31 days late.

“Regardless of how late they are, late payments are stacking up to be a major issue for small businesses,” the company said. Xero previously found that as a result of late payments, small businesses faced a backlog of work (59%), suffered from reduced productivity (46%) and experienced cash flow issues (39%), in addition to reduced morale of employees and struggles to pay staff.

Kevin Fitzgerald, regional director for- Asia, at Xero, commented, “If small businesses are being held back from growing and flourishing, it is likely to have a knock-on effect for the wider economy in the long run.”

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.