Debt recovery is a term that you are likely to have encountered, whether you are a company selling goods/services or a consumer purchasing goods/services. Put simply, debt recovery is a term used to describe the process of recovering money that a debtor (the private or commercial customer) owes to a creditor
If you have been unfortunate enough to encounter bad debtors in the past, then you will know that debt recovery is not without its challenges, especially when you are dealing with another company. However, with the right approach, outstanding debts can be recovered quickly and amicably, without causing irreparable damage
Credit control is an important term that is frequently used in the world of business, but what exactly is it? Well, let’s delve in and find out… When you sell goods or provide a service, it may be your policy to request full payment at the point of sale and
If you have encountered poor paying customers during the lifetime of your business, then you will be all too familiar with the challenges debt recovery can present, as reaching an agreeable resolution is often a long-winded process. Many business owners find that, despite repeated attempts to recover any outstanding sums
Debt collection is one of the more difficult aspects of running a business, especially for sole traders and small business owners. When you have provided a service in good faith to a customer and that customer then fails to make payment, this can give rise to a multitude of feelings.
Bad debtors can spell disaster for small businesses, many of which have neither the finances nor resources to employ one or more full time credit controllers. If outsourcing sounds a better option for your business and you would like to learn more about our outsourced credit control services, then we
According to statistics, a staggering 30% of invoices issued in the UK are either paid late or not paid at all. What’s more, one in five company bankruptcies can be attributed to late payments. So, what can you do to ensure that your business efforts are not hampered by bad
As a business owner or member of the finance team, you’ll know that commercial debt recovery is a time-consuming process, chasing overdue payments and managing debtors. If you don’t have a specific team or individual to handle debt recovery, you may find late payments are common and your cash flow
A heads of terms agreement is a document that sets out the main terms of a commercial agreement reached between two parties in a transaction. Heads of terms can also be referred to as Letters of Intent or Memorandum of Understanding. Whilst parties often wish to record the fact that
You have a growing business that demands your attention in all sorts of ways – staffing, HR, marketing, administration, networking, budgeting, the list goes on. In addition, you’re working hard to provide a high-quality service or product for your customers. So, for all of this to happen you require prompt
