Dec 29, 2020
Download this guide as a pdf as well as our other resources for free here! Credit control is a vital aspect of financial management for businesses. It involves managing credit sales and making informed credit decisions, ensuring timely payment from customers, and minimising bad debt. This guide provides a comprehensive overview of credit control practices …
As a business owner, it’s essential to understand and manage credit risk to maintain a healthy cash flow and avoid financial losses. Credit risk is the potential for a borrower to fail to repay a loan or credit extended to them. Understanding how much credit risk a business could pose to you is critical if …
Effective Strategies For Managing Credit Risk In Your Business Read More »
Company insolvencies continue to climb steeply March monthly insolvency statistics reveal. 2,457 businesses in England & Wales entered liquidation, an increase of 16% year on year. In Scotland the figure is 21% higher compared to March 2022, with 140 insolvencies recorded. The rise of Creditors’ Voluntary Liquidations (CVLs) paints an extremely bleak picture. 2,115 CVLs …
The Alarming Trend of Rising Company Insolvencies Read More »
Reducing your debtor days is fundamental to maximising your cashflow! Since you’re here reading this article we suspect you’re having issues with not being paid on time. You’re not alone. Late payments are crippling businesses all over the UK with 52% of businesses experiencing late payment, and 25% reporting increased instances of late payment in …
Is there cash hiding in your sales ledger? With rising interest rates and soaring numbers of company insolvencies , businesses are getting hit, hard! For one, a rise in interest rates means loan repayments will increase, it may be more difficult to be approved for funding and businesses will typically have less cash to spend. …
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 …
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 …
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 …
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