debt management

Debt Management: What Are Your Options?

Debt Management: What Are Your Options?

For many businesses, dealing with late or non-paying customers is just part of the course. However, when businesses are finding their feet, or growing quickly, the time and effort required to chase payments can be extremely frustrating and costly. What are the warning signs? To tackle the problem of bad debt, businesses need to stay alert and spot signs that a customer contract could be becoming a problem. If a key customer normally pays its invoices on time after 60 or 90 days but payments have recently started to slip – this could be a sign that they are experiencing cash-flow difficulties. Another indicator could be if the customer requests a breakdown of the invoice or a purchase order number. While such requests may of course be entirely justified they could also be symptomatic of fin... »

Don’t let late payments destroy your business

Small and medium sized businesses continue to be hard hit by the credit crunch, with late payment resulting in debt recovery problems, warns the Association of Chartered Certified Accountants(ACCA) Glenn Collins, head of advisory services, ACCA UK says: “Good credit control is essential at all times, but particularly at the moment when, for so many businesses, every penny counts. If you are having difficulty in recovering costs then seek assistance from a chartered certified accountant who can make you aware of your options.” When controls such as credit checks, sticking to credit limits and monitoring activity of debtors fail, debt recovery will be the only option. The following are ACCA’s top ten tips in securing debt recovery: Decide whether it is worth a fight. There ... »