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A recent survey, carried out by the Federation of Small Businesses (FSB), found that of all invoices issued by SMEs to larger businesses, over 50% are paid late, with BACs estimating the cost to SMEs of chasing these late payments as £8.2 billion a year. Although poor payment practices is very slowly improving amongst UK […]
DSO (Days Sales Outstanding), or sometimes known as debtor days, is the average number of days your customer takes to pay your invoices. It is an ever changing figure but calculated regularly it can give you a good indication of your collection performance and to set targets. Monthly DSO reports should be produced so that […]
It was announced in July that the cost of a High Court Writ will rise by 10%, effective from Monday 25th July 2016. What is a high court writ? A writ/ warrant of control of goods is the most common form of enforcement used when judgement is obtained. The writ allows enforcement officers (be it […]
Plans have been announced by the Insolvency service, to introduce a 90-day moratorium on companies nearing insolvency. This three-month period is to allow ailing businesses to produce a turn-around plan with no threat of a winding-up petition from creditors. An article by Insolvency News states that this is a similar model to that used by […]
The supposed implications of Brexit on UK businesses are vague at best; in an article online, David Carter of The Sheriff’s Office, states that ‘no one actually knows what will happen’. Nevertheless businesses need to prepare for all eventualities should Britain choose to leave the EU on the 23rd June. Collecting Payment from Customers Collecting payment […]
Offering credit to a customer is risky business, but more often than not it is a necessary risk in order to stay competitive in their field. If I liken a credit risk policy to a sat nav, it should direct you from the moment you get in your car (agree your contract with a prospective […]
Following a consultation on court closures, it has been announced that 86 out of the 91 courts originally proposed will close over the next 18 months. The reason for the court closures has been put down to a need to save money throughout the system, and proposals to develop online courts to increase access to […]
Lord Justice Briggs’ Interim Report for the Civil Courts Structure review was published at the end of December 2015, detailing the consideration of an online court system to be used by Litigants without Lawyers used as an alternative for the current costly, protracted and time consuming county court procedures. What is the proposed online court? […]
Late payment continues to be an enormous burden on SMEs throughout the UK. With much of the blame pointing towards the poor payment practices of larger businesses, as well as a number of respondents to the Small Business Commissioner consultation pointing towards Government contractors’ ‘particularly poor’ behaviour.* Recent figures of late payment The latest figures […]
Following their discussion paper in February 2015, the Government have recently published their proposals of how they can challenge late payment in business. There has been much talk about the Small Business Commissioner, the role of which will be to help small businesses avoid going to court to resolve payment disputes, with plans already set […]