Poor credit control and debt collection practices cost UK SMEs Billions

Britain's small to medium-sized enterprises (SMEs) contribute some 99.9% to the private sector - but are facing losses of around £3.7 billion due to poor credit control and debt collection processes.

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.

Late Payments Report makes 11 recommendations

A recently published Late Payments Report makes 11 recommendations that MPs believe could help small businesses to receive what they are owed more promptly from their big-business customers.

MP for Oldham East and Saddleworth Debbie Abrahams convened and chaired a cross-party parliamentary inquiry into the issue of prompt payment for small businesses, which heard evidence from several large FTSE companies, as well as affected SMEs.

Synthite Chemicals Ltd - B2B Fraud Alert - Updated

Company impersonation fraud is big business these days as scammers, fraudsters and criminals increasingly realize the advantages this type of fraud has over the more "traditional" types of fraud that target individuals.

We regularly deal with businesses that have fallen victim to this type of fraud and do what we can to help, but it is rare that a customer scammer will attempt to draw us into this kind of activity.  But that is exactly what happened to us and our debt collection affiliates in Germany recently.

The Business Bank: a 'helping hand' for SMEs?

The government's much-anticipated Business Bank got a kickstart of its own in the 2013 Budget, with the news that at least some of its measures are due to be introduced ahead of schedule.

But while a £300 million investment programme for SMEs was officially launched on April 10th by business secretary Vince Cable, just how far does it go to give small businesses the boost they need to grease the wheels of the UK's jammed economy?

'Late Payment Directive' consultation results published

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.

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