Late payment – easing the burden
Credit Connect UK has reported on some of the reasons behind late payment, stating that 44% of UK businesses avoid or delay paying bills due to issues with their cashflow whilst other commonly cited reasons for non-payment include receiving an incorrect invoice (21%) and corporate bureaucracy (20%).
Suppliers of goods and services are encouraged to offer a range of payment options tailored to particular customers and to communicate with customers to ascertain the reasons for non-payment.
If your business is experiencing cash flow difficulties, please contact our Business Services Team for an informal chat as to your options and how we may be able to assist you.
Sarah Mower specialises in business insolvency and restructuring within the Business Services department at Barker Gotelee Solicitors in Suffolk.