New research from Barclays Business Banking has found that one in five business owners fail to pay in cheques on a weekly basis. 

Forgetting to pay in or simply losing cheques is costing the average business owner £740 annually.

Collectively, lost cheques or cheques that are not paid in amount to an estimated £550m in the UK each year.

Despite regular headlines about cheques edging nearer to being obsolete, Barclays added that more than 90 million cheques were paid into its accounts in the last year, valuing more than £140 billion.