It is critical that you recover overdue invoices during Covid-19
SMEs & Sole Traders: Tips to manage late payments
Late payments are challenging at the best of times but keeping cashflow moving during the current pandemic adds another layer of uncertainty to an already difficult time for small UK businesses, who are likely to have seen work dry up and offices closed.
Calling and chasing late payments is never the most comfortable part of a business but getting paid late – or not at all – will have a huge impact on a business’s ability to recover from this unprecedented time. It is more important than ever that you balance forbearance with recovering overdue payments.
Here we look at six effective ways to recover overdue amounts and discourage it from happening again in the future. To read our tips, click here (www.identeco.co.uk/news/smes-and-sole-traders-6-tips-to-manage-late-payment-) UK economy shrinks by fastest pace since 2008 financial crisis
The UK economy contracted by 2% – its fastest pace since the financial crisis – in the first three months of the year, as Covid-19 took hold. This followed a zero-growth figure from the final quarter of 2019.
This is the first official growth estimate since the UK entered lockdown on 23^rd March.
Read article here (www.identeco.co.uk/news/uk-economy-shrinks-by-fastest-pace-since-2008) It has never been more vital that you know if your customer can pay you.
An annual subscription to identeco’s Business Support Toolkit – only £79.95 + VAT – has the answers.
Now more than ever, companies should apply due diligence in knowing their suppliers’ capabilities, understanding the stability of their customers’ finances and executing financial health checks in order to mitigate risk and grow their business. identeco’s Business Support Toolkit (www.identeco.co.uk/business-support-toolkit) will provide these insights, giving you instant, comprehensive business data on over 6m UK companies. An annual subscription is priced competitively at £79.95 + VAT.
identeco’s Business Support Toolkit is competitively priced at only £79.95 + VAT per year and gives subscribers unlimited and instant access – unlike many other business data services on the market. We won’t charge you for the elements that you don’t need. Subscribe now (www.identeco.co.uk/user/register) for unlimited access to all of the services below: In addition to all of the services above, your subscription also provides preferential subscribers rates to our other toolkits which include debt recovery, trace & litigation reporting, data cleansing & enhancement, and back-office support such as credit control and call centre services. If you have any queries about the range of services we offer, simply get in touch (www.identeco.co.uk/contact-us) with us today or call 01527 549 531.
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