late payment

/Tag: late payment

A third of payments to small businesses are late !

The government has today (20 December 2017) launched the complaint handling service of the Small Business Commissioner to ensure fair payment practices for small businesses. This follows the appointment of Paul Uppal to the role of Small Business Commissioner.     source: https://www.gov.uk/government/news/government-launches-small-business-commissioner-to-help-small-firms-resolve-payment-disputes

2017-12-20T16:13:12+00:00 December 20th, 2017|Categories: Business, credit control, Debt, late payment, News, SME|Tags: , |

‘protecting client relationships’ is the most cited reason for not chasing late payments…

The UK currently has the highest proportion of invoices that are paid late, with 9% written off as bad debt. Alan Laing, United Kingdom & Ireland Managing Director at Sage, said, “In 2017, it is totally unacceptable for 18% of all payments paid to Small and Medium businesses to be paid late. Entrepreneurs rely on low [...]

2017-12-19T12:40:26+00:00 December 19th, 2017|Categories: Business, credit control, Debt, late payment, News, Outsourcing, SME|Tags: , |

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 [...]

2017-06-16T09:14:22+00:00 June 16th, 2017|Categories: Accountancy, Business, Debt, Insolvency, late payment, News, Recruitment|Tags: , , , , |

British SMEs are owed more than £586billion in outstanding invoices

The following is an excerpt from a recent report published by Lloyds. Whilst there are an array of invoice financing options open to businesses, they are at a cost and as our clients find, not all invoices are financed - that's when they look for risk free no upfront payment solutions such as debt recovery, to assist [...]

Small Business Minister & Prompt Payment

New measures to support the Prompt Payment Code have been confirmed. New measures to support the Prompt Payment Code have been confirmed in a letter sent to signatories of the code from Small Business Minister, Margot James and Philip King, Chief Executive of the Chartered Institute of Credit Management (CICM). More than 1,800 firms are signed [...]

2016-10-03T12:38:41+00:00 October 3rd, 2016|Categories: Accountancy, Business, credit control, Debt, Legal, News, Outsourcing|Tags: , , |

Businesses and individuals seeking money owed to them are being priced out of court

Businesses and individuals are being priced out of court, warns the Bar Council, as figures from the Registry Trust show a 19 per cent drop in county court judgments against businesses in the first half of 2016. Chairman of the Bar, Chantal-Aimée Doerries QC, said: "The courts risk becoming out of bounds for many as the [...]

Late payment and other business failures cause over 1-in-5 corporate insolvencies

At least one fifth of UK corporate insolvencies in the past year were caused by late payment or the insolvency of another company, according to new research by insolvency and restructuring trade body R3. A survey of the insolvency profession reveals that late payment for goods or services was a primary or major cause of 23% [...]

‘The first priority…..tackle late payments’

“The first priority in her ministerial in-tray must be to establish the small business commissioner to tackle late payments, and to work with the Treasury on how to boost economic growth.” Margot James, a former business owner who supports a reduction in business rates, has been appointed minister for small business, consumer protection and corporate social [...]

2016-08-03T10:34:31+00:00 August 3rd, 2016|Categories: Business, Debt, late payment, News|Tags: |

Enterprise Act becomes law, but when will it really help small firms resolve issues such as late payment?

The Enterprise Act includes measures to: - establish a Small Business Commissioner to help small firms resolve issues such as late payment - include the actions of regulators in the government’s £10 billion deregulation target and increase transparency through annual reporting requirements - extend the successful Primary Authority scheme to make it easier for businesses to [...]

2016-05-06T09:08:40+00:00 May 6th, 2016|Categories: credit control, Debt, late payment, Legal, News|Tags: , , |

Paying for late payment

Leading Computer Software Developer – UK Our client, a supplier of computer software systems provided solutions to a prestigious retailer in London who delayed payment time and again. After making one too many promises to pay, the overdue invoice was escalated to be dealt with by our debt recovery team. There was no agreement in place [...]

2015-12-04T13:07:40+00:00 December 4th, 2015|Categories: IT|Tags: , , |