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Having an effective credit management function is vital to any business in maintaining and improving cash flow, as well as reducing a business’ risk to bad debt. There are many different elements to credit management that will all play a role in how effective it is, here are a few tips on how to improve […]
Using the credit management tools available to you effectively can greatly increase your chances of getting paid more quickly. Making small changes to your collection strategy to incorporate all tools at your disposal can make a big impact on your collection performance. Improving your use of credit management tools Invoice Ensure that your invoices: Are […]
Late payment and poor payment practices are not issues that are isolated to a particular industry, these issues will affect businesses across all industries throughout the UK and worldwide. However, certain industries tend to be more susceptible to specific issues that result in delayed payment. For recruitment companies, issues such as ‘behind your back’ or […]
Issues for cash flow in recruitment SMEs within the UK are owed billions in late payments; this is an issue that is affecting all industries, in businesses of all sizes and is likely to continue for as long as businesses continue to provide credit. Recruitment companies are particularly prone to issues regarding late payment and […]
Welcome to our June Credit Management News blog. We have given you snippets of the latest topics that we hope are of interest to you and provide information to help with your business. If there is anything you would like to see more of in our round ups let us know: CREDIT MANAGEMENT SMEs struggling […]
Charging late payment interest on overdue invoices can be a great form of leverage to get you paid quicker. You are entitled to start adding interest from the first day it falls overdue, but many companies will be wary of using this as a tactic as the downside is damaging a customer relationship, so when […]
Question One: We have a customer who refuses to accept payment by Direct Debit and wants to pay by Standing order. We have said we will agree if we can add a £15 per month charge onto their account if their account goes into arrears to cover us for the additional admin of chasing payment. […]
If you have used the County Courts to get a debt paid over the last 12 months, you will be aware the Courts have centralised a lot of the local courts functions resulting in an extensive backlog which, in our experience has resulted in our Client’s debtors becoming insolvent and unable to pay their debts […]
Late payment and poor payment practices continue to be an enormous burden on UK businesses. For the recruitment industry, particularly recruiters that deal with temporary placements, it is essential that cash flow is maintained; late or non-payment can have a significant impact on the cash flow of a business which can result in additional costs […]
Question One: We have obtained a Default Judgment against one of our customers, however the customer now wants us to remove the judgment and accept payment in instalments. We would prefer to get paid the full amount immediately. Where do we stand? Answer: If the debtor pays the full amount of the judgment debt to […]