Fintech PR
SMALL BUSINESSES ARE OWED £27K IN LATE PAYMENTS ON AVERAGE, ACCORDING TO INTUIT RESEARCH
- Late payments are a growing problem; 52% of small and medium sized businesses (SMBs) have been more affected in the past year
- Two in five (41%) at risk of closing their business if late payments persist
- Late payments prevent business success and impact owners personally, with 28% of those affected citing poor mental health as a result
- But those using financial management software see number of overdue payments reduced (25%) and improved cashflow (21%)
LONDON, Sept. 13, 2023 /PRNewswire/ — Small and medium sized businesses (SMBs) are currently owed an average of £27,214 in late payments1, according to new research from Intuit QuickBooks, as SMBs estimate one in six invoices (17%) with customers or suppliers are overdue.
And the problem is growing – more than half (52%) of SMBs agree they have been more affected by late payments in the last year. Frustratingly, the most common reason an invoice goes unpaid is because it was simply forgotten (23%) – although the supplier experiencing their own cash flow issues and not being able to pay comes in a close second (20%).
Late payments impact business owners’ wellbeing and finances
The impact of late payments on business success is so significant that two in five small business owners (41%) say there is a real risk of their business being forced to close in the next year if the same level of late payments continue. This proportion rises significantly to 53% of SMBs in London and 57% in Scotland.
For business owners, this can have a personal impact. Amongst those who have been impacted personally2, 35% have been forced to dip into personal savings to keep the business afloat, while 31% have been unable to save at all. Worryingly, more than a quarter (28%) have experienced poor mental health.
Late payments also damage SMBs’ future chances of business success. Amongst those impacted3, late payments have resulted in SMBs being unable to reinvest in the business (26%) or achieve their business objectives (20%). There is also a knock-on effect as 26% have not been able to pay an invoice to another small business (26%) or pay their own suppliers (25%).
At an administrative level, late payments waste time – in a typical week, SMBs spend an average of four hours chasing late payments, adding up to more than 8.5 days per year.
Helen Matthews, Founder of independent paddleboarding business, SUP With Us, comments: “Cash flow is critical to me as a small, independent business, and I rely hugely on payments coming in on time. Being paid late for my services can really throw my budgeting plans into disarray, and a bad season can even impact my ability to pay my bills and rent on time. The weather-dependent nature of my business means that in a typical English summer of wind and rain my income can fluctuate, and having to chase down late payments adds to the stress of worrying about the weather and keeping my business going.
Financial management software removes barriers to faster payments
With SMBs feeling annoyed (30%), uncomfortable (23%) and at risk of damaging client relationships (22%) when chasing late payments, solutions that automate this process – and help prevent overdue payments in the first place – can be extremely valuable.
Three in five (60%) SMBs say they are not currently using financial management software for pay-enabled invoicing in their business (i.e. software that makes it simple for customers to pay faster).
But for those who do, a quarter (25%) have successfully reduced the number of outstanding invoices on their books, leading to stronger cashflow (21%) – while a fifth (21%) have improved relationships with customers due to not having to chase invoices manually.
Helen Matthews adds: “It’s surprising to me that so few SMBs are using software to help combat the issue of late payments. I use QuickBooks as my financial management software, which puts the information for late payments all in one place and allows me to stay on top of what I’m owed. It even automates chasing them for me, which is always the most awkward part!”
Nick Williams, UK Product Director at Intuit QuickBooks comments: “Late payments continue to be a significant barrier to small business success. Clients simply forgetting to pay on time is not acceptable when the impact can be so severe. There is also a clear knock-on effect when SMBs are not paid within their terms, with many then unable to pay other suppliers – creating a chain of cashflow problems that adds up to a big hit to our economy.
“Fortunately, the research demonstrates there are proven benefits to financial management software when it comes to invoices. Not only does pay-enabled invoicing make it easier for clients to pay with the click of a button, but the software also generates automatic reminders, removing the frustration and wasted time experienced by many SMB owners. Accountants are also valuable partners when it comes to spotting late payments trends and mitigating the impact on cashflow. With cash being king, this makes it not only easier for SMBs to run their business, but to succeed.”
NOTES TO EDITORS
Research conducted by YouGov amongst 2,008 owners and senior decision makers at small and medium-sized businesses (up to 249 employees), between 2nd – 16th August 2023.
1 Late payments are defined as invoices owned that have not been paid within the agreed payment terms
2 Amongst the 28% of respondents who agree late payments have had an impact on their personal life
3 Amongst the 42% of respondents who say late payments have had an impact on their business in some way
About Intuit
Intuit is the global technology platform that helps consumers and small businesses overcome their most important financial challenges. Serving more than 100 million customers worldwide with TurboTax, QuickBooks, Mint, Credit Karma, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us for the latest information about Intuit, our products and services, and find us on social.
Intuit Limited registered in England (Company No.: 2679414) Registered address and principal place of business: 5th Floor Cardinal Place, 80 Victoria Street, London, SW1E 5JL England.
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STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826
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Invitation to presentation of EQT AB’s Q1 Announcement 2024 |
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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