Every business knows that cash is king. The best way to monitor cash flow is with effective credit control.
To ensure you get paid for your services and reduce debtor days you must take a positive approach to credit control and minimise the risks of debts becoming overdue. Establish a procedure for credit control, in accordance with your T&Cs and follow it.
In a globalised business world, laws transcend borders as often as business opportunities. It is…
The limitation period for collection of debts is 6 years from the date the debt became payable and after that time they may become statute barred. This means that the debt is no longer recoverable, including by legal action in the courts. Whilst the debt might not be recoverable through the Court, we can still send the debtor a letter to try to collect these amounts owed to you on your behalf.
Chris Else, Managing Partner at Else Solicitors, reflects on 2023.
When a supplier agrees to sell to a customer then he or she is entering into a contract which has legal consequences.
Debtor days is a term used when looking at how quickly you collect payments from those who owe you money. The more days it takes for payment, the higher the debtor days.
As everyone is aware, the increased cost of living is having an impact on everyone – individuals and businesses. So what should you do when you have bad debt? The cost of living increase is impacting businesses getting paid on time but should this result in debts being ignored?
Making sure you are invoicing your customers correctly, plays an important part should the relationship take a turn for the worse, and you find yourselves embroiled in a County Court claim or litigation. Of course, nobody takes on new customers envisaging that the relationship will turn sour, but we have seen cases where clients have invoiced their debtor incorrectly (the invoice addressed to them as an individual, not as a limited company for example). A simple mistake, but this resulted in further costs and time being incurred to amend the claim, costs that were not recoverable!
There is nothing more frustrating for those running an enterprise than winning the business, delivering the work and then failing to get paid for it. Those who are late in paying and those who refuse to pay cause so much frustration and worry for businesses. But with the help of a specialist, businesses can start to tackle these problems and turn around a negative situation to something that it is much more positive.
There is nothing more frustrating for those running an enterprise than winning the business, delivering the work and then failing to get paid for it. Those who are late in paying and those who refuse to pay cause so much frustration and worry for businesses. But with the help of a specialist, businesses can start to tackle these problems and turn around a negative situation to something that it is much more positive.