We regularly speak to Freelancers and Contractors who are uncertain on how to handle the credit control process after an invoice has been issued. Credit Control (occasionally called "Dunning") is no black art and it is simply a mix of common sense and a considered approach to ensuring any monies are paid in full and on time.
Below you will find an easy to understand infographic outlining a suggested process for any contractor issuing invoices on 30 day terms. If your business terms are longer or shorter then just adjust the steps below to suit your client.
You could be putting your business at risk by failing to carry out routine credit checks before extending a line of credit to customers.
Any time you conduct work on behalf of a client, or supply goods to them without demanding payment upfront, you are effectively creating a line of credit - and increasing the total degree of risk to which your own company is exposed.
Simple credit control measures could help one in ten businesses nationwide to stay operational in the face of delayed payments.
According to figures from Yorkshire Bank and its north-of-the-border equivalent, Clydesdale Bank, 10% of companies would not be able to survive if their clients took over 90 days to pay their invoices.
Business loans have been making the headlines recently, but it's not all bad news - particularly for companies that have improved debt collection over the past year or so.
There's a perception in the media that businesses need loans in order to succeed. And in some cases, yes, that's true - an injection of cash can be useful for all kinds of reasons, from setting up a new firm to undergoing expansion or a change of direction.
Credit control is an important part of running any business effectively, but for small-business owners it can have an even greater significance.
When you rely on a regular income to cover your outgoings, overheads and employee wages, any delay in payments from clients can have a severe impact on your company cash flow.
Easter weekend is traditionally a time to think about finances, with Maundy Thursday in particular famous for its centuries-old ceremony in which the British monarch gives alms to specially selected individuals.
But this year, a new CIFAS report highlights the prevalence of financial fraud throughout the UK, and hints at why making use of professional credit control and debt recovery services can help your company avoid losing money to fraudulent transactions.
Superman is BACK with the cinematic release of Man of Steel, and it got us to thinking about whether or not the Kryptonian comicbook hero would be a worthy addition to the Safe Collections team.
We know he'd be a bit unpredictable - always nipping off into the nearest phone booth or flying off to save the world - but given that he'd be saving our skins in the process, we're willing to make some allowances.
Overdue payments by British businesses have been improving steadily over the past two years, and are now settled two days faster than in 2011, according to analyst D&B.
Two years ago, the average late payment was made 17 days beyond agreed terms, a figure that has now improved to 15 days, but has as far to go again if it is to match 2006's average of just 13 days.
Take one technology, media and politics website. Add a 28-year-old online entrepreneur who used to be called Milo Wagner, but is now called Milo Yiannopoulos. Don't add any paid invoices to freelance contributors - these could leave a sour taste in the mouth. Finish with an unpaid editor and a legal claim for £16,853.
You've got The Kernel's secret recipe, and it's one that's been stewing for some time. Contributors have reportedly been disputing payments for several months, and an estimated £10,000 or more is still owed to past writers and in copyright claims to photographers whose works were allegedly used without permission.
The Daily and Sunday Telegraph have launched a series of articles reporting on late payments - and on the battle lines being drawn by those affected by and involved in settling overdue invoices.
In a Daily Telegraph report, for instance, Steve Sutherland - owner of architectural glazing specialist Dortech - is described as "putting his tin hat on" amid fears of a backlash from customers after he called time on a 13-year relationship with construction brand Balfour Beatty.