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Browsing category: Credit control

Economic recovery could take until 2024

Economic recovery could take until 2024

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.

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What are my options when a debt becomes overdue?

What are my options when a debt becomes overdue?

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?

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How can your business benefit from our credit management services?

How can your business benefit from our credit management services?

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.

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Tough new payment rules come into force

Tough new payment rules come into force

Tough new rules, first introduced by the Cabinet Office in November 2018, have come into force this month. The new rules mean that all government suppliers must pay 95% of their invoices within 60 days or run the risk of being excluded from the opportunity to bid for lucrative, taxpayer-funded government contracts. Federation of Small […]

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Supporting SMEs with cost-effective debt recovery & credit management

Supporting SMEs with cost-effective debt recovery & credit management

There are many reasons why SMEs fail to recover money they are owed; a lack of time, a lack of the skills and expertise needed to successfully recover the debt, embarrassment at approaching clients for the money and a genuine fear of alienating their clients and losing out on possible future work. These are all understandable reasons but not having money you are owed for goods or services you have provided puts your business in danger.

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