In a busy and fast-paced environment these companies may struggle to find the time, or have the necessary skills required to recover any monies owed from unpaid invoices. As with many companies maintaining good customer relationships is key to retaining clients and securing repeat work and this can put businesses in a difficult position. How do you get the money you are owed, for the work you have done and keep a healthy relationship with your client base?
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Debt recovery within the construction industry takes specialist knowledge and understanding of the sector. Construction contracts are often very complex, (sometimes deliberately so), and this results in businesses being paid less than they are owed, not being paid on their terms or not being paid at all.
The sector remains strong and is estimated to be worth over £35 billion, this combined with increased confidence in the economic forecast despite Brexit, means that this could be a record year for recruitment. Although the sector is buoyant, receiving payment for their services appears to be an ongoing problem in the industry.
It feels like it begins earlier every year and no matter how you feel, there’s no stopping the advance of the festive season, and while it is the season to be jolly, it can also be a season of stress for many business owners.
There are many clinics now offering credit to people for courses of treatments as well as payment plans to make them even more accessible to a wider audience. With these options comes the risk of bad debt and people defaulting on their payments.
Nursery owners have expressed their frustration that paying nursery fees are often low on parent’s financial priorities and can appear the easy option to miss during a tight month. Many nurseries walk a fine line between rising costs and wage increases and the need to keep fee increases in check.
Are you a Vet or veterinary practice have a list of patients debts were its well past reasonable time for the debt to have been settled?
There are some frightening figures out there relating to cash flow and the problems that small businesses encounter with late payment from clients. These late payments can have serious knock-on effects for the small business owner, meaning that they can be left in a situation where they are unable to pay their suppliers and so the spiral of stress and uncertainty continues.
Business leaders welcomed a shot in the arm for the British economy last night after Philip Hammond unveiled a pro-enterprise Budget.
In the final Budget before Brexit, Philip Hammond announced a raft of fresh tax reliefs and spending pledges to help boost the UK’s ongoing productivity issues.