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News and Advice

Expert View on Credit Control

Expert view on credit control

Whether in a time of economic prosperity or uncertainty, access to knowledge, experience and talent needed to grow businesses doesn’t have to be about increasing headcount. Our client base, which includes architects, accountants and recruitment firms, is not only benefiting because more people are choosing to do things such as alter their home, pay closer […]

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Election 2015: How will Parties Tackle Late Payment?

General Election 2015

With the 2015 General Election nearly upon us we thought we’d take a look at the policies each Party has proposed to tackle late payment in business. Late payment is an enormous issue facing businesses, with BACs stating £32.4 billion is owed to SMEs in figures released February 2015.* Whilst this figure is down from January […]

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How to Improve Payment Performance in your Recruitment Business

Improving Payment Process

The Recruitment industry can be extremely tricky when it comes to effective credit management due to the high volume of negotiations that occur between yourselves and your clients. A recent article by The Recruiter has highlighted the impact that late payments have had on the Recruitment sector, stating that recruiters are now borrowing more money […]

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FAQ on Credit Control: Prioritising Collections

Prioritising collection activity

What advice can you give me with regards to asking for money? I’m sure I’m owed lots of money but I send so many invoices, that it is becoming increasingly hard to chase them all? The trick is to know how to plan invoice collection. Use the Pareto Principle (80-20 rule); that is, often 20% […]

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How to use Late Payment Legislation as Leverage

Late payment interest

A survey, carried out by the FSB (Federation of Small Businesses), revealed that ‘only 1 in 10 FSB members have charged interest on overdue payments because of their fear of losing business’.* To everyone at CMG UK this statistic is worrying, in large part due to our knowledge of the simple measures that can be […]

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Are your Collection Letters Effective?

Effective collection letters

We’d all agree that writing effective collection letters is a balancing act between ensuring you receive payment in full and maintaining a positive working relationship with your customers. You don’t want your correspondence to end up thrown to one side, added to a stack of unread post, because the seriousness of the matter wasn’t made […]

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How to Avoid Steep Court Fees

Techniques to avoid legal action

A significant increase in court fees, it has been said, may have detrimental impacts for small firms wanting to recover their unpaid debts through the small claims system. The new fees went into effect on the 9th March 2015; roughly translating as 5% of the value of the debt and are an astounding 600% increase, […]

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Institute of Credit Management achieves Royal Charter

Albert_dock_at_night

Members of the Merseyside and North Wales Branch of a National business organisation are today celebrating a Royal accolade. The Institute of Credit Management (ICM), which has its regional branch in Merseyside and North Wales, has been granted a Royal Charter, confirming its position as the recognised standard in credit management, keeping the cash flowing […]

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Late Payments soar to £39.4billion for SMEs

Late Payments for SMEs

A report from Bacs suggests that late payments equated to £39.4 billion across SMEs in January 2014, a figure that Director of CMG UK Jenny Esau finds shocking in its magnitude. Even more perplexing to Jenny is the extent of this issue in comparison to the simple measures that can be taken towards resolving this […]

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