In our recent survey for all-in-one money management solution for small businesses Wave, we found that over 70% of microbusinesses have struggled, waiting up to six months for payments. The study, conducted in July 2021, asked 1008 US microbusiness owners about the challenges they have been facing in a changing, post Covid-19 market. The study also found that 25% of respondents had waited in excess of a year for payments, with others waiting longer still. In addition “Nearly two in five respondents (38%) say they use their personal checking account for business expenses, while 29% say they do not separate personal and business finances at all—a practice that can lead to missed deductions and complex tax filings. More than one in five (22%) say they use a pen and paper to track their finances, and 14% use an Excel spreadsheet. Fourteen percent don’t follow up with customers on outstanding invoices, and 13% admit they forget to send or are delayed in sending out invoices in the first place. More than one in five (21%) don’t log or track receipts, and over one in 10 (11%) rely on high interest financing to fund their business.”
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