Late payments can significantly impact the financial health and stability of a business. As a business owner, it is crucial to establish effective strategies to minimise the risk of late payments and maintain a steady cashflow. In this article, we will share four valuable tips to help you avoid late payments and foster strong financial …
For businesses, maintaining a healthy cashflow with effective credit management is crucial to sustaining operations and driving growth. One of the key challenges faced by organisations is managing credit effectively to ensure timely payments from customers. In this article, we will explore proven credit management strategies that can help businesses get paid quicker, improving cashflow …
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Unpaid invoice recovery can be a challenging task for businesses, especially for small and medium-sized enterprises. Unpaid invoices can cause financial strain, disrupt cash flow, and hamper business growth. However, with the right approach and strategies, you can improve your chances of recovering unpaid invoices efficiently. In this article, we will discuss the do’s and …
For businesses of all sizes, late invoice payments or even completely unpaid invoices, can create significant challenges, impacting cashflow, hindering growth opportunities, and straining relationships with suppliers. Understanding the common causes of late payments is crucial in developing strategies to prevent them. In this article, we will explore some of the primary reasons behind delayed …
Common Causes of Late Invoice Payments and How to Avoid Them Read More »
Sending an overdue invoice reminder can be the difference in getting your invoices paid quicker. In the fast-paced world of business, maintaining a healthy cashflow is vital for the success and sustainability of any organisation. However, despite diligent efforts, businesses often encounter late payments from clients or customers. In such situations, sending overdue invoice reminders …
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In today’s dynamic and interconnected business environment, maintaining a healthy cashflow is paramount for the sustained success of any organisation. Unfortunately, unpaid debts and late payments can disrupt the smooth operation of a business, posing significant challenges to its financial stability. SMEs each have an average £68,413 owed to them in unpaid invoices! This is …
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Update June 2023: With interest rates continuing to soar we’ve updated this guide to reflect the most recent changes to the amount of late payment interest you’re legally entitled to. Unpaid invoices are decimating businesses across the UK against the backdrop of soaring company insolvencies. Late payment of invoices are a serious problem threatening the …
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Update: In November 2024 the Bank of England decreased its base rate from 5% to 4.75%. If you have ever experienced late commercial payment you will know how frustrating it can be. Late payments have quickly became a huge problem for UK businesses with almost a third of SME having experiencing late payments costing at least …
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Update August 2023: The Bank of England increased interest rates from 5% to 5.25%, the highest interest rates have been in 15 years and the 14th time they’ve risen in just over a year. This means you can now claim more interest on your unpaid invoices and we have updated this article accordingly. Interest rates have …
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The number of company insolvencies in England Wales have soared 40% in May 2023 compared to May 2022, with 2,552 companies failing last month. This was driven by a 38% increase in Creditors’ Voluntary Liquidations (CVLs), with 2,181 companies winding up due to not being able to pay their creditors outstanding balances. In Scotland company …
