The economic crisis is choking off cash flow at many companies, but invoicing problems are hurting cash flow too, according to a new study.
In a survey of more then 100 accountants by accounting software developer Coda, 89 percent of them said that cash flow has become a more important problem for their company in the downturn. Some 47 percent said that invoicing delays are a “definite” or “somewhat” common source of cash flow problems for their company. Twenty-five percent of the respondents estimated that their company has experienced delays of at least $5,000 a month due to invoicing errors. In addition, nearly 17 percent have seen payments greater than $50,000 delayed due to invoicing errors.
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