Outsourced Collections
26th October 2021 | by Jenny Esau | News and Advice, Outsourced Collections
There are no ifs, ands or buts about it, every business has a credit management function; how effective that credit management function is will significantly impact upon how well the business performs as a whole. Effective credit management takes into account a whole host of different aspects within the business’ order to cash process, such […]
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23rd August 2021 | by Jenny Esau | CMG UK News, News and Advice, Outsourced Collections
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 […]
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10th August 2021 | by Jenny Esau | News and Advice, Outsourced Collections
Here at Credit Management Group we have heard a wide variety of excuses for late payment over the years. Some are much more believable than others! Below are the top 5 and how to deal with them. “We didn’t receive the invoice” / “We asked for a copy invoice to be sent” The best way […]
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23rd June 2021 | by Jenny Esau | News and Advice, Outsourced Collections
Invoice financing allows businesses to draw money against a percentage of an invoice prior to it being paid by the customer. Whilst this may sound like a great option to finance your business, careful consideration should be taken when considering invoice financing within your business. First things first, one thing I have learnt from my […]
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15th June 2021 | by Jenny Esau | CMG UK News, News and Advice, Outsourced Collections
It is common practice for Directors of owner managed business to take a basic salary per month and then draw dividends from the company as long as the company has sufficient reserves. This approach has very little risk associated as long as the reserves are not adversely affected by the dividend withdrawn. One case that […]
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3rd February 2021 | by Jenny Esau | News and Advice, Outsourced Collections
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 […]
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4th November 2020 | by Jenny Esau | News and Advice, Outsourced Collections
How to help recruitment firms get paid when a client employs a candidate directly. As previously employed as a Credit Manager by a national recruitment company and working for many recruitment firms since setting up CMG UK I have a vast amount of experience in making sure our clients get paid. This is the final […]
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13th May 2020 | by Jenny Esau | CMG UK News, News and Advice, Outsourced Collections
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 […]
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9th December 2019 | by Jenny Esau | News and Advice, Outsourced Collections
2020 could be the year for your business to improve and grow, however this relies heavily on how effectively your commercial credit management runs. Therefore, at CMG UK, we have compiled a list of New Year’s resolutions for your to carry forward into 2020 for the benefit of your business. Improving your commercial credit management […]
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24th October 2018 | by Jenny Esau | CMG UK News, News and Advice, Outsourced Collections, Toolkit
During 2017 there was a change in legislation where by large companies would be required to produce reports on their payment practices and performances. The reports are required for all companies meeting the criteria, from October 2017 (depending on the date of commencement of the company’s financial year). The criteria to be classed as a […]
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