Credit Control

Wednesday, 30 November 2016 11:39

Will late payment law change post Brexit?

The only thing anyone can be certain about at this stage following June’s vote for the UK to leave the EU is that no one is going to be certain about anything else very quickly. Brexit has understandably created huge interest and nervousness in the business community as companies try to work out how the break from Britain’s largest trading partner will impact on them.

Tuesday, 01 November 2016 11:14

5 Red flags to spot risky freelance clients

Having to deal with invoices that are not paid on time is stressful for any business owner. Late payments can seriously disrupt cash flow, take precious time to sort out, and can sour relationships with clients.

Most late payments are one offs and arise from perfectly understandable circumstances. With a little dialogue and a little patience, most can be resolved amicably. But what about that small minority of clients who persistently pay late?

 

Small and medium sized businesses need to be aware of a rising wave of frauds affecting companies big and small. The current most frequently used type of fraud is often called “Fake CEO Fraud” and we would urge all UK businesses to stay vigilant or potentially stand to lose significant sums.

Wednesday, 28 September 2016 14:25

What to do when a client dictates payment terms

So you have just won a new client. You aced the bidding process, the initial project meetings went well and the money is good. You can’t wait to get started, when out of the blue you get the following note from their finance people:

“Please be advised that our payment terms are 60 days from date of invoice. This will override any payment terms stated on your invoice. Payments will be processed accordingly on the final Friday of each month.”

What do you do?

Work has stopped on the restoration of Lancaster Castle after the company working on it was placed into administration. York based William Anelay Ltd, one of Britain’s oldest heritage restoration and construction companies, had been working on a programme of work to repair 70 per cent of the castle’s roofs and deal with weather damage to the fabric of the 1,000-year-old Grade II Listed building.

Thursday, 08 September 2016 15:07

When is it wise to ditch a non-paying client?

Having to chase late payments is sadly an experience most people in business have to go through at one time or another. But knowing when irritating delays have crossed the line into a breakdown in the business relationship can be difficult to fathom.

Cash flow is important, but long-term survival depends on holding on to the clients that you invested in.

Tuesday, 16 August 2016 15:51

Cash Flow Mistakes New Businesses Make

We recently blogged about Crowdmix, the London-based start-up that went into administration. It’s a sad fact that many businesses fail within their first year. This can’t always be prevented: starting a business is tough. But there are certainly things you can do to avoid disaster.

Profit is important to all businesses, but don’t underestimate the importance of cash flow either.

 

Thursday, 14 July 2016 14:06

Crowdmix Ltd in Administration

London based start-up Crowdmix Ltd was in the process of developing a social media music platform. But before it could even launch its product fully, it ran out of money despite having previously raised £14 million in funding.

As of Monday 11 July, 2016, it has left its creditors, many of them freelance contractors, tens if not hundreds of thousands of pounds out of pocket. If you’re owed money by Crowdmix the prognosis for recovery is not good, so let’s look at what happens next.

Friday, 17 June 2016 14:43

The state of late payment in the UK

British businesses are facing a unique set of circumstances right now - the global economy is emerging from the deepest recession in living memory, domestic trade is uncertain with the EU Referendum looming, and there are issues of legislation from the National Living Wage to auto-enrolment pensions that are affecting company finances on a national scale too.

With all of this in mind, what are the implications for businesses of all sizes when it comes to getting paid for the work they do?

When Tesco was exposed for its long payment delays, it exposed an ugly trend among large businesses: delay, delay and delay some more, until your supplier is on its knees. And while the supermarket provided an extreme example of this unethical practice, a shockingly large percentage of global businesses see late payment to suppliers as a “fact of life”.

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