Did you know that Australian small businesses are owed $26 billion in unpaid invoices?

And that 20 per cent of late payments are due to errors on invoices often associated with manual entry, according to the ATO?

The Late Payments Study, commissioned by PayPal and Intuit Australia, shows that the average amount owed to each small business at any one time is $13,200, with more than a quarter forced to take out a loan to cover their expenses.

These figures are staggering, especially when you consider that cash flow management is a leading cause for businesses to fail.

As business owners, how are you reducing your risk? Do you have the following in place?

• Reduce the risks of invoicing errors
• Ensure that you get in paid by the due date
• Follow up late invoices

Do you allocate time and resources to work on your business to prevent these types of issues that are suffocating so many business owners?