Working around a restrictive system.
In an ideal world your credit control service should never be stuck completing admin duties. Any time away from the phone, chasing outstanding payments is time lost. Our goal is to reduce admin time as much as possible to ensure that our client gets the most out of our service and we can continue to […]
Sterling Credit Management – Credit Control Testimonial
We started working with Sterling Outsourcing in March 2016, due to the need to have a credit control function, but not having enough to justify employing someone to do the job. I cannot give anything but praise to the team, as, within 18 months, they have taken us to a position where about 90% of […]
BoE rate increased to 0.5%
The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. At its meeting ending on 1 November 2017, the MPC voted by a majority of 7-2 to increase Bank Rate by 0.25 percentage points, to 0.5%. The […]
The office of the Small Business Commissioner is expected to be operational by the end of 2017.
Secretary of State for Business, Greg Clark, announced the appointment of Paul Uppal as the Small Business Commissioner. The appointment of the SBC builds on the Government’s programme of support for small business, since 2010 including: British Business Bank programmes supporting £3.4 billion of finance to over 59,000 smaller businesses; over 50,000 Start-Up Loans worth almost £340 […]
Duty To Report – Prompt payment the battle continues…
Why should SME’s take a good look into outsourcing credit control options early on in the payment cycle process of their business? ….to help avoiding as much late payment as possible. For some that’s only realised when it’s almost too late. The blame may often lay in their own hands not just their debtors, when […]
Guidance to help large businesses report on how quickly they pay their suppliers
Guidance published ahead of measures coming into force in April 2017 to boost transparency of payment practices to help small and medium sized businesses (SMEs) The regulations confirm that from April 2017, large companies and limited liability partnerships (LLPs) will have to publically report twice a year on their payment practices and performance, including the […]
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 up to the Prompt Payment Code, with each one committing […]
Late payment, the domino effect….
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 […]
Employ or Outsource your Credit Control position?
Employ or Outsource your Credit Control position? Obviously I will say outsource, but with good reason. Working in an office filled with teams of credit controllers gives me plenty of great insight into how credit control truly makes a difference between make and break for many SME’s, and how time consuming the process is. Having […]
Another leading London Accountancy firm chooses to outsource credit control to Sterling
Another leading London accountancy firm signs with Sterling. A third leading London Accountancy firm has chosen to outsource credit control and debt recovery to Sterling, this follows a successful trial period. The firm ran a trial with three of their 15 partners for 4 months. During this period Sterling managed to improve cash-flow for the 3 […]