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Recent research by Upflow has uncovered some alarming figures about unpaid invoices, highlighting a growing issue across various sectors.  According to the report, over half of outstanding invoices (57%) are late, with a concerning third (33%) taking more than 90 days to be settled.  These statistics reveal a significant challenge for businesses, large and small, who rely on timely payments to manage their cash flow and maintain operations.

Across different industries, the research indicates that a staggering 33% of overdue invoices remain unpaid even 90 days past their due date. For many businesses, this can lead to cash flow problems, operational delays, and ultimately, a negative impact on growth.  Business credit control and debt collection has never been more essential, as companies find themselves increasingly vulnerable to the effects of late payments.

Some industries are facing more significant challenges with late payments than others.  According to the research, the top five sectors struggling with overdue invoices are:

• Office and Facilities Management: A startling 77% of invoices in this sector are paid late.
• Security, Compliance and Identity: 73% of outstanding invoices are late, causing major disruptions in a sector where compliance is critical.
• Finance, Insurance and Banking: Despite their financial expertise, 69% of invoices go unpaid past the due date.
• Back Office, Operations and Productivity: This sector is facing late payment challenges with 66% of invoices delayed.
• Research, Data and Intelligence: With 63% of invoices overdue, businesses in this sector are feeling the pinch.

Other sectors facing significant delays include Human Resources (61%) and Cloud, Network and IT Infrastructure (59%).  These industries are all critical to the smooth running of businesses, and the knock-on effects of late payments are becoming more apparent.

The growing number of unpaid invoices can cause severe cash flow problems, especially when a third of invoices remain unpaid for more than 90 days.  The longer an invoice goes unpaid, the harder it becomes to collect, and businesses may find themselves facing mounting debts that eat into profits and stifle growth.  This is where professional credit control and debt collection services, like David Allen Recovery Solutions step in.

At David Allen Recovery Solutions, we understand that chasing late payments can be time-consuming, stressful, and often overwhelming for businesses. Our experienced team offers a straightforward and professional approach to recovering outstanding debts, ensuring that you get paid for the services and products you’ve provided.

If your business is struggling with unpaid invoices, don’t wait until it affects your bottom line.  Contact our team at David Allen Recovery Solutions today and let us help you recover what’s rightfully yours, so you can focus on running your business without the stress of late payments.