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 facing cash flow problems as a result of not efficiently managing their invoice collections or outsourcing the process to a professional credit control service provider. Keeping a tight rein on invoice collections from the very start is crucial to young business survival..
excerpt follows from https://www.gov.uk/government/publications/business-payment-practices-and-performance-reporting-requirements
Mandatory reports will start to be required from October 2017 (depending on your financial year dates), but businesses can publish on a voluntary basis from April 2017.
Every year, thousands of businesses experience severe administrative and financial burdens, simply because they are not paid on time. Late payment is a key issue for business, especially smaller businesses as it can adversely affect their cash flow and jeopardise their ability to trade. In the worst cases, late payment can lead to insolvency.
Categories: B2B, Business, credit control, Debt Recovery, Duty to report, Insolvency, News, Outsourcing, SME
Tags: duty to report, late payment, prompt payment, SME