Late Paying Clients It’s likely most companies will experience a late-paying client at some point. The business world relies on credit agreements and payment terms, unfortunately without proper credit control or debt management, these can lead to cash flow problems. If you don’t have the money to pay staff or buy resources deliver your service […]
Browsing category: Credit control
At Daniels Silverman we have simplified and streamlined our services to make recovering money that your business is owed as straightforward, cost-effective and stress-free as possible. A lot of businesses are reluctant to chase for payment because they do not want to damage the relationship they have with their clients, or the prospect of future […]
The hospitality industry has been one of the worst hit during the crisis with the knock-on effect also hurting companies the supply chain. With restrictions easing and hopes that the scheme will be a success there it at last some hope that the industry may start to turn a corner.
Streamlining efficiency and workflow will be crucial in the coming months. If your business spends time and allocates staff to chase overdue invoices, or as a business owner, you spend time worrying about how to recover money you are owed by clients, then it may be time to streamline your operation.
Once an invoice becomes overdue, the likelihood of successfully collecting that invoices decreases the older that debt becomes.
Almost a third (31%) of SMEs have experienced late payments costing their business at least £10,000 in the last 12 months according to research released by Hitachi Capital UK recently. More worrying are the figures released by the Federation of Small Businesses (FSB) which states that 50,000 smaller firms go under every year due to late-paying clients. The FSB estimate that the cost to the economy in the UK is as much as £2.5 billion.
What options do businesses have when their invoices aren’t paid on time and become debt?
A survey performed by Notonthehighstreet has revealed worrying figures for small British businesses with more than one in five fearing that they will be out of business within twelve months if Christmas sales fall below average this year. Around on in twelve stated that they could be out of business within weeks if sales are […]
Continued Uncertainty 2019 has not been an easy year for manufacturers. Continued uncertainty surrounding Brexit has dominated, while the US – China trade war has contributed to a worldwide slowdown in the sector. Make UK and the IHS Markit/CIPS Purchasing Managers’ Index (PMI) reports were published on the same day and both paint the same […]
Do you ever find it difficult to get paid on time? Have you ever put off taking action about a debt because you were unsure how to handle it? Have you ever ended up writing off a bad debt? If the answer is yes to any of these questions, then taking action now before these incidences snowball, could help to protect your cash flow and your business.
It’s a new month and for a lot of companies and that means time should be spent chasing unpaid invoices that were due at the end of last month. However, this is not always the case. Other things get in the way, new work comes in, meetings are arranged, other admin takes priority and suddenly […]