Practical articles and commentary to help business owners think more clearly about recovery, cash flow and commercial risk.
Late payments have become a growing issue for Small and Medium-sized Enterprises (SMEs) in the UK, with outstanding payments significantly impacting cash flow and business growth. According to Aldermore’s recent SME Growth Index, late payments have increased by 48%, totalling £348 billion. This article explores the scale of this problem, its impact on SMEs, and possible solutions.
With Labour in power, the UK embarks on a transformative journey towards economic equity and revitalised local communities. Keir Starmer’s leadership fosters a fair business environment, addresses critical issues like late payments, and ensures small businesses thrive. Labour’s forward-thinking policies promise economic growth and a more inclusive and sustainable future.
Are late payments from clients causing a strain on your business’s cash flow? As a debt recovery specialist, I’ve seen countless businesses struggle with overdue invoices, especially when they lack clear terms and conditions. However, a little-known secret ingredient that can empower you to charge interest and penalties on those late payments is the Late Payment of Commercial Debts and Interest Act 1998.
Late payments have long been a persistent issue that plagues small businesses worldwide. In a recent article titled “Late Payment: A Guide for UK Businesses” by NerdWallet, the author sheds light on the detrimental effects of late payments and provides valuable insights into how small businesses can tackle this problem. This opinion piece discusses the significance of addressing late payments and highlights the author’s key points.
Unless you have a contract which stipulates late payment interest as part of your contract, I would encourage any business to optimise the government legislation which applies interest and late payment clauses on top of your outstanding invoices.
Sales figures might tell you how much business you’ve won, but they don’t always tell you how much money you’ll actually receive. After all, a sale doesn’t pay the bills until the customer pays the invoice. And as every business owner knows, cash flow matters. Some customers pay promptly, some need a gentle reminder, and […]
