Tag: <span>Small Businesses</span>

Nov 07 2019 7th November 2019 7th November 2019 NoComment by admin

What is the difference between bad debt and doubtful debt?

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Knowing the difference between bad debt and doubtful debt can help to prevent financial loss to your business. Today’s uncertain economic climate is having a negative effect on UK business payment practices, with a recent study finding that 35% of invoices remain overdue on their due date. Late or non-payment of an invoice is an…

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Sep 03 2019 3rd September 2019 3rd September 2019 NoComment by admin

How long do unpaid invoices remain valid for?

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Many SMEs are consistently paid late by their debtors, but just how long do those unpaid invoices remain valid for? UK businesses are currently suffering at the hands of the country’s late payment culture. One third of the UK’s SMEs say that their invoices are not paid until two months after the agreed payment terms….

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Jul 08 2019 8th July 2019 8th July 2019 NoComment by admin

Consumers vulnerable to aggressive debt collection if their energy supplier goes bust

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Customers who owe money to energy suppliers are left vulnerable to aggressive debt collection companies if their supplier goes bust. Since January 2018, 11 energy suppliers have collapsed, including Gen4U, One Select, Future Energy, Spark Energy, Brilliant Energy and National Gas and Power. This has left at least 32,000 customers in debt and at risk…

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May 01 2019 1st May 2019 1st May 2019 NoComment by admin

How do late payments affect small businesses?

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Chasing late payments wastes time and money for small businesses, as well as posing a serious threat to their survival. Late paying customers are a frustrating and worrying problem that most small business owners are all too familiar with. In fact, research shows that on average small UK businesses are owed £24,841in late payments, and…

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Mar 24 2019 24th March 2019 4th March 2019 NoComment by admin

What is the government’s ‘breathing space’ scheme?

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The government’s ‘breathing space’ scheme could offer those in debt a valuable 60 day respite period to seek help and get their finances in order. The breathing space scheme, also known as the debt respite scheme, was first announced by the government in October 2017. The scheme is intended to give people time to get…

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Aug 30 2018 30th August 2018 17th August 2018 NoComment by admin

Should You Use Social Media To Get Your Invoices Paid?

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There is little doubt that social media has brought about revolutionary changes in the way we communicate with each other. Even the US president uses it as a way to communicate his thoughts about other world leaders and the issues of the day so does that mean it’s ok for business owners to use it…

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May 20 2016 20th May 2016 6th May 2016 NoComment by admin

How Small Businesses Can Reduce Late Payment

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Late paying clients can have a damaging effect on the cashflow of small businesses and there are cases where little could have been done to prevent this happening. There are however ways to reduce the risk as we will explore in this blog. One recent study into small business cash flow problems found that the…

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