Average freelancer spends almost three weeks per year chasing invoices
Freelancers typically spend 20 days every year chasing up late payments, new research has revealed.
The problems many people experience in getting money they’re owed were laid bare in the study published by the Association of Independent Professionals and the Self-Employed (IPSE).
More than 800 of those who work on a freelance basis revealed the difficulties they experience each year.
The money that this sector of the workforce is owed is believed to total £16.5million each year.
Chris Bryce, IPSE’s chief executive, said: “It’s an absolute travesty that freelancers have to spend a working month chasing late payment.
“Time chasing invoices is time not working, and for some freelancers that could be the work that keeps their business afloat.”
The Government has been under pressure for some time to take action to hold those who don’t pay promptly to proper account.
It is well-known that chasing invoices causes particular problems for small businesses and the self-employed, taking up valuable time and often placing them under considerable financial strain.
In some cases there is a domino effect, with those who are owed money unable to pay their own creditors.
Mr Bryce expressed hopes that the Small Business Commissioner, who will be tasked with tackling poor payment practices, will help to curb the problem.