Duty To Report – tackling late payment

We can assist you collecting late payments from your clients, the penalties which the debtors may incur should deter them from doing so again. Don’t leave late payment too late before reacting. Cash flow problems as a result of not acting quickly can seriously damage your business. Keeping a tight rein on invoice collections from the beginning is crucial to business success.

excerpt follows from https://www.gov.uk/government/publications/business-payment-practices-and-performance-reporting-requirements

Mandatory reports will start to be required from October 2017 (depending on your financial year dates), but businesses can publish on a voluntary basis from April 2017.

Every year, thousands of businesses experience severe administrative and financial burdens, simply because they are not paid on time. Late payment is a key issue for business, especially smaller businesses as it can adversely affect their cash flow and jeopardise their ability to trade. In the worst cases, late payment can lead to insolvency.

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