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CCJs against businesses are at their lowest in second half of 2016 than any other year on record according the findings released by the Registry Trust in February. They have found that county court judgements against businesses in England and Wales fell by 21% in 2016, falling once again for the sixth year running. This […]
The Federation of Small Businesses (FSB) published a report in November, detailing the impact of poor business payment practices on businesses throughout the UK. The report found that little has changed over the past few years in terms of improvement in poor payment practices and that businesses are still suffering the consequences of late and […]
The construction industry is fraught with late payment and poor payment practices, in fact late payments rose by 27% within the construction industry in 2015,* with construction businesses writing off almost £15,000 on average in the past year **. The Construction Act can be used a vital resource in the construction industry to understand your […]
From October large businesses (turnover £36m+ and/or 250 employees+) will be required to publish reports on their payment practices, in an effort to tackle the issue of late payments and extended payment terms that have plagued UK businesses (and indeed business across the world) for too long. These companies will be required to publish details […]
It costs 10 times more to gain a new client that it costs to keep an existing client, focusing on getting your fees paid in a client focused way is essential to the positive continuation of a business relationship. For credit management in legal practices we do not refer to the ‘order to cash process’ […]
The CMG UK team have been celebrating this month following business awards nominations at two prestigious ceremonies. The team firstly attended the North West Finance Awards following their nomination for ‘Credit Team of the Year’.They were put forward for the award by one of their long standing clients, for whom they have been carrying out all […]
Please find below our credit management FAQs for the month of September. Can I charge interest on overdue invoices? If your terms and conditions don’t stipulate otherwise, you can changed Late Payment Legislation; this allows you to charge 8% above Bank of England reference rate, that is set every 6 months (visit Pay on Time to […]
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 […]