$825 billion. That’s a staggering number. $825 billion represents the dollar amount of unpaid invoices for US small businesses over a year-long period.
Fundbox, a tech company helping small business owners overcome short-term cash flow gaps, created the infographic below to illustrate the impact an unpaid invoice has on small businesses and, more importantly, the economy.
Besides the multibillion-dollar figure, here are our key takeaways:
- About half the American workforce is employed by small businesses and, on average, it takes 21 days for them to get paid
- But 81% of invoices for small businesses are 30 days past due
- Leaving the average small business with over $80,000 in unpaid invoices
Infographic via Fundbox.com