SMEs and Sole Traders – Tips for collecting late payments

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 ( 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 ( It has never been more vital that you know if your customer can pay you.
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