Late payment of invoices is now - for the first time in recent years - the single greatest risk to creditors, even outranking debtor insolvency in a report from credit risk insurer Coface UK.
According to the insurer, 60% of the claims it received in the first nine months of 2013 arose due to "a customer's protracted default" - that is, either late or non-payment.
A report from Exact, a provider of business and finance software, tallies up the costs of non-payment to UK SMEs, with some fairly alarming figures for individual examples of unpaid invoices.
The world of credit control brings to mind the infamous Donald Rumsfeld quote:
"There are known knowns; there are things we know that we know. There are known unknowns; that is to say, there are things that we now know we don't know. But there are also unknown unknowns - there are things we do not know we don't know."
Admittedly he was talking about weapons of mass destruction, but the same applies to your customers' financial situations, and effective credit control eliminates as much of the 'unknown' as possible, and maximises the 'known knowns'.
An unpaid invoice is a nightmare we would all prefer to avoid, but you're not necessarily just at the whim of your customers when it comes to whether or not you get paid on time.
It's also important to make sure you are invoicing properly - from the moment you take on a new customer, to how you deal with late payments - so you don't lose a single penny through your own fault and poor admin procedures.
The so-called 'Late Payment Directive', officially named Directive 2011/7/EU on Combating Late Payment in Commercial Transactions, is due to come into effect in less than a month's time, on March 16th 2013.
With just 24 days to go until that time, the Department for Business, Innovation and Skills has revealed the results of its recent consultation on the Directive, along with the finalised set of regulations that will be introduced in March.
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.
A dairy-free chocolatier was forced to threaten supermarket giant Tesco with a winding-up petition after they failed to pay for part of their order for five months - leaving him without his staff's Christmas wages.
Moo Free Chocolates produce dairy-free and gluten-free confectionery, with an annual turnover of around £1 million.
But when a £2 million order came in from Tesco, co-founder Mike Jessop was understandably excited.
Otium Corporation Ltd have been making headlines for all the wrong reasons recently, particularly in a Daily Record report of how they left one aerospace contractor out of pocket by £9,000 after their payments to him simply stopped.
Stuart Jack was on a one-year contract to work at BAE Systems in Prestwick, but his payments did not come directly from BAE - instead, they went through Otium Corporation's Ltd’s service address in Batley, West Yorkshire.