All businesses rely on being paid for goods or services provided. This is what generates profit and keeps a businesses’ cash flow healthy allowing it to pay staff, expand product lines or services and invest in the future growth of the company. However, this transaction is not always as straightforward as it should be. The time spent chasing late payment is cited as the biggest obstacle facing business clients and not having the resources available to recover money owed is one of the most common reasons given for failures.
Browsing category: Debt Collection
As we emerge from the lockdown and move towards a new normal, it’s important for firms to be flexible, agile and adaptable in order to keep working and growing their businesses. We have seen may instances of businesses in the food and drinks market moving quickly to a delivery only model, while other firms have […]
Whether it is debt recovery or our white label credit control service, our aim is to empower
your customers to repay the money owed to you. We promise firm but friendly
communications that ensure your reputation is maintained, enabling you to preserve the
working relationships you currently enjoy.
HMRC will regain its status as a preferential creditor for insolvencies that commence on or after 6 April 2020 under legislation expected to be introduced in the Finance Act 2020. In a nutshell this means that HMRC will move up the rankings of who gets paid out first when a company falls into administration or […]
Recent research conducted by Pay.UK has revealed that more than a quarter of SME business owners are stressed about late payments even when they are not in the office. A staggering two thirds (66%) have reported that late payments make running their business less enjoyable, and around 10% have needed professional support and counselling to […]
Starting a new business can be both exciting and scary; it’s a huge achievement to get a business off the ground but can be difficult to maintain. Every business will face hardships and struggles no matter the size of the organisation, and here we look at some of the toughest challenges for new businesses to […]
At Daniels Silverman we have compiled a list of the steps you should be taking to ensure that you are paid what you owed. Do your research: if a larger company has sub-contracted work to you and it is worth a lot of money, research the company. Are they known to be unreliable payers? Ask […]
Sadly, a lot of resolutions fall by the wayside before we have even entered February. There are steps you can take to be more in control of your businesses’ financial situation that are realistic and so more easily kept as resolutions. Small steps can lead to big change if they are routinely implemented.
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?