Small business revenue down 22% last month

From Nine To Noon, 9:10 am on 1 July 2020

Fresh data on the impact of Covid on small businesses finds a bounce-back in May but times are still very tough. The cloud-based accounting software platform Xero has today released its Small Business Insights for May, based on anonymised and aggregated customer data. It finds small business revenue growth was down 22 per cent last month, but this was a significant improvement on April, revenue growth was down 41 per cent. The data shows small businesses are having to wait longer to get invoices paid,  and paints a picture of the industries hardest hit by the pandemic and its aftermath. Lynn speaks with Xero New Zealand Managing Director, Craig Hudson.

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Photo: Xero