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How is the government tackling the UK’s late payment culture?
The government are introducing new policies to tackle the UK’s late payment culture which contributes to thousands of SMEs going out of business each year. Shocking information releasedby Bacs Payment Scheme Ltd shows that small UK businesses are facing a bill of £6.7 billion (an average of £9,000 per business) just to collect late payments…
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Rent arrears prevention tips for landlords
Landlords should protect their cashflow by putting processes in place to reduce the risk of tenants falling into rent arrears. When a tenant misses a rent payment or pays late, it can cause serious financial problems for their landlord. Late payments have a negative impact on landlords’ cash flow, which can cause problems with paying…
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Tips for encouraging customers to pay on time
Late payments can have a dangerous knock-on effect to your business’ cashflow, as well as costing you time and money to chase them up. The safest way to do business is always to take money upfront. Failing this, it’s important to take whatever measures you can to encourage customers to pay you on time, every…
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Benefits of automating accounts receivable tasks
Automating accounts receivable tasks can save time and help to collect customer payments quickly and efficiently. Outstanding payments from debtors are one of the key reasons that small businesses run into trouble. Not only does chasing late payments waste valuable time, late payments can also have a devastating effect on your business’ cash flow. Keeping…
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What is the government’s ‘breathing space’ scheme?
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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3 steps to determining a customer’s creditworthiness
If you supply customers with a product or service, then offering a credit facility is a great selling point, but it doesn’t come without its risks. Whilst it is impossible to completely safeguard yourself from non-paying customers, it pays to have a system in place for checking a company’s credentials before you commit to working…
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CCJs Issued Against Businesses on The Rise Again
After a long period when the number of CCJs issued against businesses was in decline, the third quarter saw a sharp increase. This suggests that companies are currently far more willing to take their claims as far as a CCJ than they have been for quite some time. 32,629 business CCJs were issued in the…
