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As a credit controlled being on the ball is vital to keeping your companies cash flowing. Late payment from your customers can put constant pressure on cash flow, knowing when payments are due in is vital. You need to know each client and their payment habits – do they always pay on-time, early or a […]
In an ideal world your business would be paid in full before any goods or services exchange hands, however, this is an unrealistic ideal for competitive businesses. Subsequently offering credit to your customers is an ideal to maintain a competitive advantage; there are, however, risks involved in offering credit and therefore we would highly recommend […]
Ensuring your cash flow is up date and monitored can ensure your business stays in the red even in the challenging economic times we are experiencing. Fortunately, with an effective credit control procedure in place, the threat of late payment can be reduced. Even though most owners know this companies continue to make the same […]
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 […]
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 […]
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 […]
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 This approach has very little risk associated as long as the reserves are not adversely affected by the dividend withdrawn.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 […]
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 […]
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 […]
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 […]