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The duty to report payment performance and practices for large UK businesses came into force on 6th April 2017, in a move that hopes to reduce the number of large businesses insisting on unreasonably long payment terms to the detriment of smaller suppliers. Large businesses have come under fire in the past few years for […]
Here are February’s Frequent Credit Management Questions Why should I be credit checking customers? Credit checking your current and prospective customers will help you assess the level of a risk a customer poses to your business at that moment. Credit risk report should be considered in detail, taking into consideration aspects such as: Adverse information […]
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 […]