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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, […]
The dreaded disputed invoice can cause havoc within any business when trying to find resolution without the correct procedures in place to deal with it effectively. How well you handle a dispute can have significant impact on your customer relationship further down the line; when genuine disputes occur, your customer will want to be treated […]
We hope this blog finds you well. If there is anything you would like to see more of in our round ups from more Credit Management Hints & Tips to help on E-learning webinars let us know: COMMERCIAL CREDIT MANAGEMENT Demand for guarantee backed SME finance rose by 68% in 2023 Fifth of SMEs want […]
When creating an invoice you should always try to include the items below. This will leave no un-answered questions and should ensure swift payment. Label the document as – Invoice Identify the document with the word ‘invoice’ this will differentiate it from any other correspondence like a credit note or receipt. Addresses Ensure your details […]
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 […]
Debtors Guide Q & A Where the Act is to be enforced Why the ACT? The legislation fulfils the UK’s obligations under the European Directive on combating late payment of commercial transactions. The UK was one of the first countries in the EU to implement late payment legislation and maintains this legislation after Brexit. The […]
Do you find it difficult to get paid on time? Have you ever had to write of a bad debt? Have you ever put off taking action on a debt, due to uncertainty? If your answer if yes to any of the above questions then you may find that, if not addresses appropriately, issues can […]
During your years in business you are likely to come to a time when you need to make a claim against someone for non-payment. There are a number of things you can do to make sure the process runs smoothly and ensuring that you are suing the correct person is one of the most important […]
Here are our frequently asked credit management questions for December. How can I prepare for confidential invoice finance? Confidential invoice finance providers will want to see that your credit management processes and procedures are clear and appropriate for the business, as this will pose less risk for them in offering you finance. An effective collection strategy is […]