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
Credit control is the system your business can implement to ensure credit is only given to customers who can pay you back on time. It’s crucial to get right, if you want to stay on top of your cash flow and reduce bad debts. Good cashflow is crucial for business
Our client, a plant hire company, hired out their machinery to a construction company who did not pay them for three months. When the machines used by the debtor were no longer required, they stopped paying. The plant hire company were worried that the issue lay with the construction companies
A local landscaping company had completed some extensive work for a client. The contract was being fulfilled through instalments as the work was being carried out, with the final balance of £2500 not having paid at the end of the job. The debtor ignored numerous reminders and calls from our
In this case study, a consumer owed money to a business for blinds and shutters fitted to her home. The debt had been outstanding for five months before it was handed over to a debt collection agency. The customer had disputed the debt, claiming that she had to call the
