IBN Technologies, an established outsourcing service provider in the UK, has recognized the difficulties that small businesses face when chasing late payments. Reports indicate that small businesses collectively spend £684 million a year to recover payments overdue. In order to tackle this financial challenge, IBN Technologies is highlighting the strategic outsourcing of Accounts Receivables (AR) Management as a solution.
Recent data has revealed that small businesses typically receive payments 5.8 days late on average. This trend of delays can lead to disruptions of business operations and the hindrance of growth opportunities. “The numbers are alarming, and they demonstrate the dire issue that late payments present to small business owners”, says Ajay Mehta, CEO of IBN Technologies.
Research from the Federation of Small Businesses (FSB) has shown that around 52% of small businesses experience payment delays. Xero’s analysis indicates that approximately half of the invoices issued by small businesses are paid late, with 12% of them paid over a month after the due date. This data has highlighted the need for better protection for small businesses.
IBN Technologies is offering strategic outsourced accounts receivable processes as a solution for small businesses, providing them with the resources and expertise to focus on their main strengths and grow. Their Quote-to-Cash (Q2C) solution provides an efficient framework for financial flow from quoting and order processing to invoicing and cash application. Additionally, their Record-to-Report (R2R) services enable businesses to achieve financial clarity.
Lastly, their AR Automation Solutions are designed to automate the AR process, reducing errors 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”, states CEO Ajay Mehta.
IBN Technologies is a leading IT, KPO and BPO outsourcing specialized company with a presence in the US, UK, Middle East and India. They hold ISO 9001:2015, 27001:2022 and CMMI-5 certifications, and have over 24 years of experience in the Finance & Accounting, CPAs, Hedge Fund & Other Alternative Investment business, Banking, Travel, Human Resource & Retail Industry sectors.
IBN Technologies LLC, based in London, United Kingdom, has announced that they are recognizing the predicament that small businesses face when chasing late payments. Research shows that small businesses collectively spend £684 million a year to recover overdue payments. To tackle this financial challenge, the organisation is recommending strategic outsourcing of Accounts Receivables (AR) Management as a solution.
The impact of late payments is substantial, with small businesses typically receiving payments 5.8 days late on average. This trend of delays can cause disruption to business operations and impede growth opportunities. “The numbers are glaring, and they reveal the acute challenge that late payments pose for small business owners,” says Ajay Mehta, CEO of IBN Technologies.
Data from the Federation of Small Businesses (FSB) has indicated that around 52% of small businesses experience payment delays, while Xero’s analysis indicates that approximately half of invoices issued by small businesses are paid late, with 12% of them paid over a month after the due date. This has highlighted the need for more effective protection for small businesses.
In response to this, IBN Technologies is offering strategic outsourced accounts receivable processes that allow businesses to focus on their strengths and grow. This includes their Quote-to-Cash (Q2C) solution, which provides an efficient framework for financial flow, and their Record-to-Report (R2R) services, which enable businesses to achieve financial clarity. Additionally, their AR Automation Solutions automate the AR process, reducing errors 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,” comments CEO, Ajay Mehta.
IBN Technologies LLC is an outsourcing specialist company that has been operating for over 24 years, with clients in the US, the UK, the Middle East and India. The company is certified by ISO 9001:2015, 27001:2022 and CMMI-5, and specialises in the Finance & Accounting, CPAs, Hedge Fund & Other Alternative Investment business, Banking, Travel, Human Resource & Retail Industry sectors.
Derick is an experienced reporter having held multiple senior roles for large publishers across Europe. Specialist subjects include small business and financial emerging markets.