89% of SMEs in Ireland Not Using Debt Collectors

Small firms in Ireland are waiting an average of 62 days for their invoices to be settled, but when it comes to debt collection Ireland's entrepreneurs are still reluctant to take action.

These are the findings of the Small Firms Association's Late Payment Survey, published in early January, which looks at the issues affecting the credit control and debt recovery Ireland's small businesses use to keep their accounts - and their non-paying customers - in check.

£4.7bn of Unpaid Invoices in the UK Uncollectable Due to Insolvency

Insolvency turns £4.7bn of non-payers into never-payers

Each year, £4.7 billion of unpaid invoices in the UK are simply wiped away by insolvency and winding-up procedures, according to an Experian report.

From the smallest 'micro firms' to the biggest brands, when a company leaves the market completely by going out of business, the rest of the supply chain is likely to feel at least some impact not just in terms of lost custom, but by going unpaid for work already done.

Payment Terms - ICM & BIS Managing Cashflow Series Part Two

After ensuring your company really knows your customer, knowing when you can expect your invoices to be paid is the next step in an effective credit control process.

Agreeing payment terms in advance helps to ensure both parties accept and understand their obligations and allows for the creditor to forecast the arrival of funds, a key survival strategy in today’s turbulent economy.

Knowing Your Customer - ICM & BIS Managing Cashflow Series Part One

One of the single most important aspects of effective credit control in any business is ensuring that you know exactly who you are dealing with, before any credit is provided.

If you don’t know who your customer is, it is impossible to correctly identify the risk involved in providing credit and means your company is doing business “in the dark”.

The Prompt Payment Code and the Supply Chain Finance Scheme

The Prompt Payment Code and the Supply Chain Finance Scheme - what's going on?

The current economy is turbulent enough, without seemingly conflicting schemes being launched to help businesses with credit control and late payment.

But in recent weeks, both the Prompt Payment Code and the Supply Chain Finance Scheme have been making headlines for companies with slow-to-pay clients.

© Safe Collections is a trading name of Safe Collections Limited. Incorporated 1984. Company Number: 01815264. VAT Number: GB407358159. All Rights Reserved.