You’re booked for a cleaning job. You’ve arrived promptly. Carried out all of the agreed cleaning services asked for and left the property in pristine condition – and now, well it would be good to get paid. Promptly. And, of course, in full. However, as we’re all too well aware in business, this isn’t always […]
In business, it is essential that you invoice your customers as soon as the work is complete and the services are provided to ensure prompt payment, and if payment is delayed and you’re facing an “invoice not paid“ situation, you have procedures in place to manage this risk. This makes invoices an essential document to […]
Credit ratings and credit scores often get mixed up and bundled into the same financial terms basket. However, they are distinctly different, and in this post, we explain the differences between the two and why having a high/strong credit rating is important to business. For further information on understanding credit ratings and for support with […]
A credit agreement is a legally binding contract between borrower and lender, outlining the terms of the loan or credit agreement in place. A credit agreement will be provided to the borrower as part of their credit application, and agreements can vary from creditor to creditor, so it’s important to check these and, from the […]
A credit application is a document that formally requests an extension of credit from the lender to the borrower over a set agreed time period. Credit applications can be made verbally, written, or even applied for online, so long as the loan application contains all the lender’s required information and fair treatment of all is […]
Are you aware of a company that is beyond rescue? Maybe you’re a director of an insolvent company where there is no successful turnaround available, and you’re currently looking at the next steps. If you know of or are faced with this situation, then you may be looking at a creditor voluntary liquidation. A creditor’s […]
Receiving timely payments is crucial to a business’s cash flow. Why? Because late payments can not only disrupt your business operations but can also put additional stress and strain on the business. The good news is that in the digital age we’re living in, AI can help with chasing overdue invoices, so late payment can […]
It’s important to understand the difference between solvent and insolvent and how this affects company liquidation – if this is an avenue that business owners and shareholders opt to go down. In its simplest form, when a business is solvent, it can meet its debt obligations (including interest). When a company can no longer cover […]
Not getting paid on time is stressful. Late payments negatively affect your cash flow, and you can spend more time chasing outstanding invoices than working on the business. Trust us, it can be incredibly draining and time consuming. As debt collection services specialists, we know the importance of nurturing relationships, especially for small- to medium-sized […]
We all like to think that when we issue an invoice, it will be immediately paid with no qualms, no questions, and no delays. This might happen 99% of the time, but there is still 1% where you will experience a customer not paying. This is where negotiation and robust credit control processes come into […]