News & Media

Welcome to the Know-it News

People Are Talking About Our Revolutionary Credit Management Platform!
See Where We've Been Featured In The Press And Media.

Wylie & Bisset advises SMEs struggling with late payment to agree different terms with creditors

Wylie & Bisset advises SMEs struggling with late payment to agree different terms with creditors

WITH a recent report suggesting that SMEs are chasing £50 billion in late payments in the UK, Chartered Accountant Wylie & Bisset is advising those struggling with the impact of late payment to agree on different terms with creditors.

Know-it, the cloud-based credit management platform, says that the extent of late payment in the UK is unsustainable for many businesses and, as debtor days get longer, the chances of business survival gets shorter.

Wylie & Bisset’s insolvency partner Gordon Chalmers says: “If a company is having to chase up payments it is due, then I would advise its directors to re-examine their own purchase ledger and see if they can come to different terms with their creditors.

“From a debt collection perspective, it’s always a case of ‘he who protests the loudest goes to the top of the heap’, so it’s imperative that directors maintain pressure on those debtors who owe them money so that they get paid as soon as possible.”

Mr Chalmers adds that, if a business is not receiving payment from its customers, then it has to question if its customers are at risk of failing, so that they might never receive payment. Such a scenario risks a domino effect, with failed debtors exerting financial pressure on creditors’ businesses.

He urges SMEs confronting late payment to seek business advice as a matter of urgency.

This article was first published by

Leave a Comment

Your email address will not be published. Required fields are marked *

KNOW-IT (GLOBAL) LTD International House, Stanley Boulevard, Hamilton Technology Park, Glasgow, Scotland, G72 0BN. SC645873.

© Copyright 2021. All rights reserved.

Subscribe and be a credit Know-it all.

You can unsubscribe at any time by clicking the link in the footer of our emails. For information about our privacy practices, please visit our website. | We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimp's privacy practices here.