How to deal with late payments
Late payments are a frequent problem for many businesses but effective credit control can help.
More than half (54%) of the UK’s small and medium sized businesses are suffering as a result of late payments. According to research from Pay UK, an estimated £23.4 billion of late invoices are owed to these firms.
It’s a perennial problem that not only has an impact on your cash flow but also wastes valuable time as you chase unpaid invoices.
If those late invoices become bad debts, they can leave your business struggling to survive.
The good news is that effective credit control can help you keep on top of late payments and reduce the likelihood of this happening.
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