TORONTO – Wave, an all-in-one money management solution for small businesses, unveiled the results from a survey of more than 1,000 United States-based microbusiness owners. A microbusiness is defined by the US Small Business Administration as having fewer than 10 employees.
The survey revealed that one in four (25%) respondents have waited more than a year to get paid or haven’t been paid at all for work. Additionally, seven in 10 (70%) respondents have waited between one and six months to get paid as a result of overdue invoices.
According to the Association for Enterprise Opportunity, microbusinesses make up 91% of all businesses in the US, and are a small but mighty economic force. The survey exposed widespread financial challenges among this group, from getting paid to poor bookkeeping habits. It also found that business owners are taking key steps to digitize their businesses and seize new opportunities during the pandemic, and are confident and motivated as economies reopen and vaccine rollouts continue.
“As small businesses rebound from the impacts of the pandemic, cash flow is key to ensuring both their recovery and their ability to thrive in the months and years ahead,” said Kirk Simpson, co-founder and CEO of Wave. “Our survey shows that—for many reasons, ranging from outdated practices to late payments—cash flow remains a major pain point for entrepreneurs. More than ever, small business owners need simple, intuitive money management solutions that help them get paid faster, and free them up to spend time doing the work they love.”
Wave helps microbusiness owners manage cash flow through intelligent bookkeeping and financial solutions that are integrated and easy to use. From customizable, professional invoicing software that can remind customers of payment due dates to powerful invoice management features that enable business owners to track customer activity in one place, Wave’s solutions are built to enable better cash flow. Over 400,000 small businesses use Wave’s small business software. Wave has won awards for growth, innovation, and company culture, including Deloitte Fast 50, Deloitte North American Fast 500, KPMG Fintech 100, CB Insights Fintech 250, Canadian Innovation Awards (Financial Services), Canada’s Best Workplaces and many more. Wave is a subsidiary of H&R Block.
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