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Late payment and poor payment practices are not issues that are isolated to a particular industry, these issues will affect businesses across all industries throughout the UK and worldwide. However, certain industries tend to be more susceptible to specific issues that result in delayed payment. For recruitment companies, issues such as ‘behind your back’ or […]
Issues for cash flow in recruitment SMEs within the UK are owed billions in late payments; this is an issue that is affecting all industries, in businesses of all sizes and is likely to continue for as long as businesses continue to provide credit. Recruitment companies are particularly prone to issues regarding late payment and […]
Charging late payment interest on overdue invoices can be a great form of leverage to get you paid quicker. You are entitled to start adding interest from the first day it falls overdue, but many companies will be wary of using this as a tactic as the downside is damaging a customer relationship, so when […]
I have found over the years that many businesses do not have a dedicated credit control department within their business, rather this task is assigned to a role as an added responsibility; this often leads to poor collection activity due to lack of time and training to focus on effectively carrying out credit control. For […]
Having the knowledge and procedures in place to for dispute resolution in business can save a lot of time and effort that could be spent on other parts of your business. The trick is to identify disputes early so resolution is found quickly, and ensuring that you are still paid on time. The Order to […]
I have been told by businesses countless times that their customers are paying late despite the fact they are chased at the same time each month. I ask these businesses each time, if your current collection procedure isn’t working, why are you still using it? Late payments are still an enormous burden on UK businesses, […]
It can be tricky to get paid on time for a business within any industry, however the construction industry is an entirely different ball game when it comes to getting paid. Sub-contractors in particular can often bear the brunt of poor payment practices within the construction industry, and often lack of knowledge can make the […]
During my time in business, I have come across many people who view credit control as their worst nightmare. The idea of ringing customers to ask for payment can be a daunting thought for many; however, from my experience, it is a daunting task because of lack of confidence in the task at hand. Confidence […]
Over the Christmas period many businesses experience a slow-down in their work, with some closing down for an entire week, inevitably cash flow will be impacted to some extent. As a result of this many businesses will return fully to work at the beginning of January in a panic to kick-start their cash flow again […]
For many businesses, particularly those in B2B businesses, offering credit to customers is a necessity in order to remain competitive. Considering this, every business needs to have procedures in place that determines what payment terms a customer will receive, and how much credit they will be given. What are the benefits of setting customer credit […]