Guides

Guides (32)

Wednesday, 21 June 2017 08:55

How to Set Up and Use a Stop List

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Taking the decision to stop supplying a client can be one of the hardest decisions any company has to take. With every piece of business so hard won it can be difficult to take a firm line with your credit control and potentially prejudice further income.

But when a customer persistently refuses to pay in full and on time, sometimes you are left with little option but to act.

Wednesday, 07 June 2017 13:56

How to Issue a Credit Note

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Credit Notes are essentially a negative invoice used to rectify mistakes or credit amounts raised in your sales invoice. They may be used to credit all or part of an invoice depending on the circumstances and serve as an accounting record for both parties to counter the invoicing error.

Thursday, 27 April 2017 14:37

How to Deal with Late Payment Excuses

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Excuses, excuses… one of the most frustrating aspects of chasing unpaid invoices is dealing with the reasons customers give for paying late. When you have worked in the debt collection industry for as long as we have you can be sure we have heard some imaginative answers, along with some that are so old they were probably being used in Roman times.

The key thing to remember when faced with late payment excuses is this - your company is owed the money and you have every right to seek payment. Even when the explanations provided by the client appear to be genuine, if an agreed payment deadline has expired, you are entitled to be paid on time and in full and you have every right to pursue the payment.

Monday, 10 April 2017 14:17

How to Calculate Late Payment Penalties

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Not being paid on time is one of the biggest worries facing small business owners. Trying to recover outstanding debts can feel like a very lonely process if you are not aware of the help available.

One important thing to remember is this - as a creditor, the law is on your side. Since 1998, UK businesses have been legally entitled to charge interest on overdue payments owed by another company.

When a client starts to miss payment deadlines and debts mount up, it is natural to start to wonder - do they have the means to pay?

When companies get into financial difficulties, it can leave suppliers who are owed money in a tricky situation. As the saying goes, you can’t get blood out of a stone. If a business does not have any ready money available, debts will go unpaid.

Tuesday, 28 February 2017 13:20

How to Set Appropriate Credit Limits

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In today’s economic climate, business customers and clients are increasingly asking for - and in many cases expecting - credit from their suppliers.

There are obviously many benefits to offering credit. It shows a willingness to be flexible which fosters stronger business relationships, and it helps to secure or keep important contracts. Used properly, extending credit for goods and services can give your business a competitive advantage and boost income.

Tuesday, 07 February 2017 12:53

How To Use a Credit Limit Application Form

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In the B2B world, practically every enterprise will extend credit to a client or customer at some point or another.

For vendors and resellers, credit facilities are a familiar part of payment terms. But even service providers will regularly be in the habit of extending credit to clients - remember, time is money, and any work you do before the first payment date can be considered as credit.

Monday, 19 December 2016 12:08

How to: Reclaim digital content if a client wont pay

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Consider the following scenario. You are a small, up and coming web design company contracted to create a brand new site for a consumer-facing business. They want the works, attention grabbing graphic design, cutting edge multimedia content, intuitive and interactive navigation, and quality text content. Your small team spends weeks painstakingly programming the source code and curating the content to the client’s specifications. Finally, the site is ready to go live. You are rightly very proud of what you have created.

At this point, the client suddenly goes quiet. Won’t answer the phone, won’t return emails. The payment period on your invoice lapses. You offer to negotiate, still nothing. What do you do?

Thursday, 17 November 2016 10:00

How to Read a Company Credit Report

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When it comes to managing your finances in business, knowledge really is power. And this is never more the case than when you are signing agreements to sell your products and services.

As a creditor, the main thing you want to know is whether you are going to be paid fairly and on time. The last thing any business wants to do is get into an arrangement and end up not getting paid.

Thursday, 27 October 2016 15:11

How to Create a Cash Flow Forecast

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For thousands of small to medium sized businesses, cash flow is probably the single most important aspect of financial management. And yet when it comes to planning and forecasting, it often receives scant attention. Indeed, many businesses unfortunately only realise how crucial cash flow is when problems occur.

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