Late payments and how to solve them
What are businesses big and small doing to address late payments and how can Government, industry and others solve it?
We meet hundreds of SME business owners every year and in our experience late payments are a chronic and widespread issue for them. We believe that many business owners suffer late payment issues needlessly as the scale of the issue can be due to the lack of rigour around their credit control process. Many SME business owners just don’t know the value that having a robust engagement and credit control process can have on their business what they suffer are the consequences – at best a lack of available funds for investment in growth and at worst personal and business distress.
A well-executed robust credit control process can make a complete difference to the opportunities available to SME’s and their ability to survive and then thrive. But where or who do you turn to for getting such a system in place – one that reflects their brand and voice whilst making sure they get paid? This is an area of business where traditional accountants often fear to tread.
The government regulation around payment terms is pretty much unenforceable on the whole, and in the last 25 years we’ve seen very little change on the ground, in practical terms. We believe that a significant improvement on payment terms and getting paid is in the hands of the business owners themselves… if only they knew it.
We’d like to share our tried and tested credit control best practice, which has proven in our client base to improve cash collected by 57% in 6 weeks in 84% of clients. Reducing late payment and non-payment mindset in SME’s is a particular passion of ours, and in Your Right Hand Finance Team we have a process that we use with clients that protects their client relationship and gets them paid.
Contact our team today to find out how our flexible, part time financial controllers and managers, together with our proven methodology, can make a real impact on your business success.