Independent businesses now owe four times as much debt as they did a year ago, and this is compounded by the fact that many have also had to take on government-backed loans.

The prospect of a large number of business closures is concerning for the country at large, and will impact the prospects for survival of many other small businesses who have outstanding debts to collect from these failed businesses.

To mitigate this risk it is always crucial to get your payment process right from the start to ensure that unpaid invoices don't keep stacking up.