Error ID 7055 using SPSBACKUP

Using SPSBACKUP from the command line may sometimes cause the following error to be logged on the Database Server

3041 :BACKUP failed to complete the command BACKUP DATABASE [dbname] TO DISK = N'filepath' WITH INIT , NOUNLOAD , NOSKIP , STATS = 5, NOFORMAT

This error can be returned for the following reasons
1. Not using a UNC File Path.
2. The Database Account not having write permissions to the location where the file is being saved.