January worst time for small business owners to get paid

Small businesses can have a tough time in January, as most of the country goes on holiday and don't pay their bills until they get back from the summer break. Data from the accounting software company Xero shows that year-on-year, now is the worst time for small business owners getting paid.Last January invoices were paid 12 days late, 62 percent of invoices were overdue and only 38 percent of small businesses were cashflow-positive.Xero New Zealand managing director Craig Hudson told Summer Report that part of the problem is that it's a hangover from having a shorter month in December."So [businesses] try and rush through as much work as you possibly can in the lead up to Christmas, and here in New Zealand we kind of shut down for pretty much all of January."So we've got that three weeks and then try and get invoices out in time, and if you don't get them out on time, send them in very late in December, nobody's there to be able to pay those invoices.