2014 is set to be a vital year for the British economy and SMEs have a major role to play in driving growth. Invoice finance can help achieve this goal.

A survey of SMEs by business and finance software provider Exact has revealed that forgotten invoices are costing companies billions of pounds every year – 20% of SMEs admitted to forgetting to invoice for goods or services at least once. The study also revealed the leading causes of anxiety for SMEs: competing for new business was top of the pile, closely followed by a number of financial issues, including cashflow and late payment, and business planning.

Invoice finance is a small business finance product that can put a stop to these losses, as well as helping maintain cashflow and tackle late payment. Keeping on top of these issues reduces pressure, which makes business planning easier. In turn, businesses have more room to develop and achieve growth.

Further highlighting the continuing concern over small business lending, the government has come in for fresh criticism from a committee of MPs over its efforts to improve access to SME finance, with the Federation of Small Businesses recently arguing that the British Business Bank should prioritise the provision of greater information on alternative finance and simplify existing government SME lending schemes.

Time and again we hear that SMEs are essential to economic revitalisation, yet traditional lenders have yet to step up to the mark. That’s why it’s clear that invoice finance and other alternative finance services are critical to growth.

To find out more about A&T Business Associates services, contact us on 01903 602211 or info@atbusinessassociates.co.uk.