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.
Browsing category: Credit control
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 […]
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 […]
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.
Once again, fears around the uncertainty of the date and form Brexit will take has led to risk aversion amongst clients who are waiting to see what direction both Brexit and the economy will take.
UK firms not ready Figures seen by Newsnight suggest that many UK businesses are woefully unprepared for a no-deal Brexit. In February HMRC launched a scheme aimed at easing imports if the UK left the customs union and single market suddenly. The Transitional Simplified Procedures scheme (TSP) has been designed to help UK businesses import […]
Trouble for Philip Greens Empire Arcadia The troubled Arcadia Group is in the news at the moment as Philip Green attempts to make a deal to save the fashion empire. Arcadia, which owns high street retail brands including Top Shop, Wallis, Dorothy Perkins, Miss Selfridge and Burton is trying to agree a Company Voluntary Arrangement […]
Some of the largest companies in the UK made a loss this year with Kier, Keller and Laing O’Rourke all reporting an annual loss.
Unfortunately, the situation for many SMEs is that late payment of invoices can be the difference between staying in business or going under. Cash flow is the number one cause for businesses to fail and repeatedly late payment is a contributing factor to this.