SMEs represent more than 94 percent of total companies in the UAE, employing over 86 percent of the private sector workforce (Ministry of Economy 2019). With such a crucial role in economic growth, Rayhan Aleem, founder of the accounting firm, Alpha Pro Partners, is keen to help small business owners overcome one of the main problems that can lead to early closure: a lack of cashflow caused by late payments.
Alongside the financial implications, payment problems can also take their toll from a well-being perspective. In a UK survey conducted by the accounting software provider Xero, 44 percent of small business owners said that late payments have affected their mental health, 43 percent had sleepless nights worrying about cashflow, and 29 percent would be more productive if they weren’t worried about finances.
According to Rayhan, “Payment delays are a widespread issue for companies of all sizes on a global level.
However, the effects can be particularly devasting for small businesses. It’s...read more...