Late payments to creditors by UK PLC’s are being used to add to the working capital companies have at their disposal, according to a new report from Deloitte.
The professional services provider has analysed the working capital performance of 20,800 companies with global operations over the past five years, enabling it to compile a £64 billion estimate of excess working capital in the UK - a rise of £3 billion since 2010.
In our first blog post on USA debt collection we discussed the three pre-legal stages an American debt recovery agency will use to attempt recovery. But what happens when they have done their best to collect, but the debtor refuses to co-operate?
In this instance your only option to collect the debt may be to consider taking legal action. As with any legal claim here in the UK you can expect to pay the court costs and lawyers fees. But unlike in the UK you as a creditor will be required to attend any hearing, generally at your own cost.
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.
Here at Safe Collections we have decades of experience in helping our customers recover unpaid invoices and bad debts both in the UK and across the globe. One of our key markets is the USA and we have been working closely with our US debt recovery affiliate since 1986.
Robert is the Vice President of International & Corporate Quality at our affiliate office in New York and here he explains the Three Phase USA debt collection procedures they follow in recovery of overdue accounts from US based debtors.
A headline-grabbing report from the Forum of Private Business and Graydon reveals that formal credit control processes are in place at fewer than half of the UK's small businesses.
The survey looked at 500 companies across the UK, and just 44% said they had formal credit control procedures to fall back on if they are not paid promptly by debtors. However, many others admitted to making use of a spur-of-the-moment approach to payments, with 16% juggling payments as they go along and 38% mixing formal credit control processes with informal payment-chasing.
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.
Cash flow is king. Profit is sanity. Turnover is vanity. Cash flow is the lifeblood of every business and ensuring it flows freely is essential. Read a sample of our free guide to credit control below, authored by our very own Sid Home MICM and request a copy of the full and unabridged version free.
Following on from the success of our free Late Payment iCalc for iPhone, in November 2010 a BlackBerry App was released. This free app brings exactly the same functionality to users of BlackBerry handsets.
In May 2010 Safe Collections became the first company to release a free iPhone App to help UK business owners. The app makes it easy to calculate both the late payment costs and interest on any overdue invoice.