Late payments are a huge problem for UK businesses with 5.9 million SMEs chasing more than £50 billion worth of invoices. Unfortunately, most debts owed to SMEs are from larger businesses not paying invoices on time. Given recent world events and the impact the pandemic has had on industry and the economy it looks like …
Why Your Business Needs A Debt Collection Process Read More »
Recovering business debt requires a certain set of skills and credit controllers are in high demand given the steep rise in commercial debt owed to SMEs in the UK. Some good news is that the approach to business debt recovery is practically identical across all industries. If you have outstanding business debts to recover read …
Are you looking to start chasing late payment with letters and emails? It is something all too familiar for many businesses in the UK as the number of unpaid invoices continue to rise. When the payment date comes and goes and you are still waiting on getting paid it can not only be frustrating but …
Are we in for a rude awakening? This is certainly the view of Deloitte in a recent article they published looking at the outlook for corporate insolvencies in 2021. The number of corporate insolvencies in England and Wales in Q2 and Q3 2020 were at historical lows, when in fact we would expect insolvencies to …
Age of invoice: 1 year old Principal Sum: £5,000 Days to recover: 7 days The engineering industry is heavily impacted by late payers and serial debtors leaving many firms out of pocket regularly. Despite their best credit control efforts, oftentimes businesses in the engineering industry are left with little choice whether to write off the …
Debt Recovery In The Engineering Industry – Case Study Read More »
Effective credit control is fundamental to generating a regularly stream of cash flowing through your business. Cash is reality, as the saying goes. Having effective credit control is fundamental to the success of your business. Over half of all bankruptcies are attributed to poor credit management and 50,000 SMEs in the UK fail every single …
Age of invoice: 6 months old Principal Sum: £40,000 Days to recover: 7 days The wholesale industry is an area where businesses must tread carefully with stringent credit control to help mitigate the risk of late invoices and commercial debt. We see many serial debtors and late payers through our work with clients in the wholesale …
Debt Recovery In The Wholesale Industry – Case Study Read More »
Age of invoice: 11 months old Principal Sum: £6,000 Days to recover: 2 weeks A client recently got in touch with the team at Darcey Quigley regarding an 11 month old scaffolding debt. This debt had a value of £6,000. This was a delicate matter as it was vital our client received this payment but …
As we have mentioned in previous blogs having a healthy cash flow is vital if your business is going to grow and thrive. Positive cash flow means you have more cash coming into your business than you do going out and this is good for a number of reasons: Control: With more liquid cash coming …
The infamous Blue Monday is upon us. If you haven’t heard of it before there is an argument that the third Monday of the year is the most depressing day of the year as the post-Christmas blues set in and most new year’s resolutions have fizzled out. We take this with a pinch of salt, …
