Is the prospect of late payments from the companies you work with damaging your business?
14th Nov 2017
The length of time that it takes for a business to get paid can have significant impact on its chances of success or failure.
Late Payments and Debt Recovery
We act for a wide variety of both local and national businesses, partnerships, finance companies and schools in the recovery of late payments and other outstanding debts.
Figures recently published by the leading credit referencing company Experian, have highlighted that over half of Britain’s SMEs are owed in total an estimated £44.6 billion in late payments.
With a strong cash flow being the basis of every business, it’s vital to be aware of the implications of late payments to a business. Many companies spend nearly four hours a week chasing for the money that they are owed in late payments.
Forty percent of SMEs have confirmed that late payments have had a significant impact on the cash flow in their business.
The average debt for small and medium sized business is currently £20,403 – That’s an increase of over seventy per cent from last year.
Late payments can effect a company in many ways – they could struggle to pay staff on time. It may mean they are unable to make further investments to expand and improve or that directors will have to reduce drawings. The business could become reliant on bank overdrafts and cause a knock on effect of paying their own bills late.
Our team of experts in the debt recovery department understand the need to react quickly and decisively to support and guide our clients. They realise the pressures that companies undergo when they are faced with the non-payment of a debt.
If you are experiencing payment issues with businesses you provide goods and services for then you can talk to either Maria Taylor at firstname.lastname@example.org or call on 01603 675613 or Elizabeth Gibson at email@example.com or call on 01603 675641.