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
Our client, a grieving fiancée, faced a difficult situation when her husband-to-be passed away, leaving her unable to get married. The county house wedding venue in Norfolk refused to refund her payment despite there being ten months left for them to resell the wedding day. The client was emotionally distressed
As a business owner, it’s crucial to keep your debtor days down to maintain a healthy cash flow. Debtor days refer to the number of days it takes for a customer to pay an invoice. The longer it takes for a customer to pay, the longer it takes for you
