Dec 29, 2020
Late payments are ravaging SMEs in the UK with 50,000 businesses failing each year as a result of waiting for overdue invoices. And the problem with late payments is only getting worse. The total value of overdue invoices has increased by 22% in the past 12 months with businesses now chasing £61 billion worth of …
This article was written by Helen Tanner, founder of the award-winning, Bristol-based, global data agency Data3. The have just launched myDATA3 which is an instant, all-in-one business dashboard tool designed for start-up founders. Why I designed a data tool for start-up founders…because I am one My Dad has been a SME business owner for as …
Late payments are a huge problem in the UK. Research from Hitachi Capital UK found that a staggering £51.5 billion was estimated to have cost UK SMEs in 2019 with the actual figure expected to be much larger. A third of SMEs have said that they had experienced late payments of at least £10,000 in …
What is bad debt? Bad debt is credit owed but has been deemed uncollectible, in other words the cash is lost and must be written off. Not good for anyone! All businesses should seek to avoid bad debt but unfortunately, it’s a risk that businesses face when granting credit to customers. The good news though …
Credit risk. Sounds like quite a daunting term doesn’t it. But it doesn’t need to be. You see, being exposed to a certain degree of credit risk is part of doing business today. Businesses need to find the balance between amplifying sales by granting credit and leaving themselves too vulnerable by granting too much credit, …
Credit control is an essential practice for all businesses big or small and is key to keeping a healthy cash flow. However, it can take a large amount of time, resources and expertise to effectively carry out. That’s why many businesses opt for using outsourced credit control services that can fulfil their credit control duties. …
Writing a strong warning letter for outstanding payments can be challenging. You’ve delivered what you’ve promised and sent your invoice in plenty of time. But the payment date comes and goes and you’re still waiting on getting paid. It’s a situation too many businesses find themselves in. Thankfully, there are a few things you can …
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It’s frightening the number of excuses we’ve seen businesses use for late payment blaming the initial invoice. Any error at all on an invoice including addresses, payment details, not itemising products/services, incorrect invoice numbers. Let’s put first things first and look at how to write an invoice email. How to write an invoice email If …
Harnessing technology to better your business is vital for survival in the current climate. Being more efficient with resources and time is what will separate good business practices from great. Robotic Process Automation (RPA), Artificial Intelligence (AI), Blockchain and Machine Learning are all technologies that are rapidly becoming part of everyday life for the modern …
Having great credit management is fundamental for small businesses. This can prevent cash flow problems and help to grow your business. Credit management is the process of giving credit, collecting due credit and managing all other credit-related functions. For small businesses, good credit management can mean all the difference between a business thriving or failing. …
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