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What does the debt recovery process look like?
Most debt recovery agencies, like us, will always aim to recover a client’s money by negotiating with the debtor. However, sometimes communication fails and more formal steps are required to recover what is owed. To help you understand the debt recovery process, we have put together a typical process we would follow: Negotiation The first […]
Calling all suppliers
When was the last time you looked at your supply contracts and the terms and conditions contained within them? Now may be a good time to have a review in the context of Section 233B into Insolvency Act 1986 (“233B”) as the exemption for small entities expires on 30 September 2020. (233B (15)). 233B relates […]
Small businesses to focus on improving cash flow and late payments
New research by Hitachi Capital Business Finance has found that small businesses are looking to improve cash flow and get stricter on late payments. Their latest ‘Business Barometer’ survey was conducted by YouGov in July 2020 and consisted of 1,266 small business decision makers from various industry sectors. Compared to the previous quarter, more small […]
Could the rise in late payments threaten our economic recovery?
According to recent research, more than a third of SMEs have seen payment times increase by more than three weeks. The research which surveyed 500 UK SMEs, found the following results: 55% were being paid late due to the coronavirus 36% saw payment times increase by more than 3 weeks 12% have customers who are […]
Advice on how to overcome cash flow issues
Having good cash flow management is crucial to running a successful business, some of the most established, profitable businesses have been known to fail because when the business most needed it, the cash wasn’t available. So, what is cash flow? Cash flow is the amount of money coming in and going out of a business. […]
How to protect your business against late payments
It is a well-known fact that SMEs in the UK continue to struggle with late payments, with businesses chasing a staggering £50 billion in overdue invoices. Every business will come across customers who are happy to receive goods and/or services but a little more reluctant to part with their money when the invoice arrives. So, […]
Top tips on recovering your debts during the pandemic
The current pandemic is causing havoc amongst UK businesses, with many being forced to shut down and others scaling back considerably. Despite the Government stepping in to introduce various measures to minimise the impact of the coronavirus, there will be many businesses who will be facing financial hardship and possible closure. We’ve recently been asked […]
Common debt collection myths busted!
Unfortunately, the perception of debt collection agencies isn’t always positive, due to a few rogue agencies giving us a bad name. This leads to businesses writing off debts as uncollectable, which could have been avoided if they had the help of a debt collection agency. There are many agencies out there, like us, who deliver […]
62% of small businesses report increase in late or frozen payments
The Federation of Small Businesses (FSB) has published a new report showing that 62% of small businesses have seen an increase in late or frozen payments due to the COVID-19 pandemic. The FSB is a not-for-profit organisation that offers small businesses advice, financial expertise, support and a voice heard in Government. Its new report titled […]
Small business revenue drops by 28% during lockdown
Accounting platform, Xero, has reported that SMEs have seen a significant drop in revenue during April and May, compared to the same period last year. Xero has found that SMEs saw a 26% drop in revenue in April, with a further drop of 28% in May. To add to small business pressures, the research also […]
