Loading…
19
Just read a stat about invoice payment times that made me stop
I was looking at some old numbers from my own books and saw my average payment time was 52 days. Then I found a report from the National Association of Small Business that said the average for small firms is actually 72 days. That's over two months! I always thought I was doing badly, but maybe I'm not alone. Has anyone else checked their own average lately?
4 comments
Log in to join the discussion
Log In4 Comments
the_faith5mo ago
Wait, 90 days is considered normal for some people?
5
maryr435mo ago
Seriously, it's wild. That "normal" data probably comes from big companies who can afford to wait. For a small shop, 90 days can mean not making payroll.
3
kimr914mo ago
That line about "a weight off his shoulders just knowing it wasn't his fault" really hit me. It's SO true how much unnecessary stress we pile on ourselves thinking we're the only ones struggling.
3
webb.hannah5mo ago
Remember my friend who runs that small print shop? He was beating himself up over 60 day payments, thinking he was the only one. Then his accountant showed him industry data where 75 to 90 days was normal for his clients. He said it was a huge relief, like a weight was off his shoulders just knowing it wasn't his fault. Makes you wonder how much stress comes from comparing yourself to a wrong idea of normal, right?
2