It’s become something of an accepted `norm` that most businesses pay late. Invoices are received, popped to one side, reminders are sent, and it is not until days, if not weeks after the agreed payment term deadline, or a third-party agent becomes involved that payment is received. However, what we don’t know throughout all of […]
At the start of 2021, the government announced positive changes to the Prompt Payment Code, explicitly surrounding the rules and guidance around late payments. One of the most significant changes implemented is halving the payment period from 60 days to 30 (for small businesses). This change is set to help protect jobs and support future […]
Business only works if you continually collect on monies owed for the goods and services you provide. However, we understand that collecting unpaid invoices is probably not the best part of your job and certainly not an element that everyone feels confident with. We also know just how much time can be taken up chasing […]
The team at Direct Route has worked in debt collection for many, many years, which means when it comes to excuses and reasons for late payment, we’ve probably heard them all! Late payment and unpaid invoices are some of the most significant issues facing small businesses today. It can be crippling. Affecting cash flow, a […]
The need to collect on unpaid debts existed long before any type of currency and money was invented. Instead, the concept of “being in debt” started with bartering goods and services, when one of the parties could not deliver their product or service as agreed. In actual fact, how we have dealt with debt over […]
Let us start by offering further clarification on what we mean by outstanding invoices. Outstanding invoices are those that are indeed unpaid, but they are not yet late. However, to keep your credit control effective, you don’t want outstanding invoices to become unpaid late invoices, so it’s essential to put some mitigating steps in place […]
There’s always a feeling of dread when a lost or misplaced invoice reappears or an invoice that has been forgotten about resurfaces. This dread and sinking feeling only deepens when you check your systems and realise that the invoice in question is still outstanding and is now a considerably overdue debt. Overdue, late, or simply non-payment of invoices is […]
In any business, any shape or size, cash flow and income can be adversely affected when a customer chooses not to pay their invoice. This is when businesses and business owners need to be effective at debt collecting, or you must look to hire a team that is! The good news is there are things […]
As a small business owner/manager, it’s essential that you get paid on time and if we’re honest get paid full stop. Late payments and refusal to pay can have disastrous consequences for small businesses who rely on regular cash flow to keep their business operating. Business debt collection and chasing debtors is not an area […]
Every business across every industry sector is working amid the most challenging of times, and for all businesses that are continuing to operate, today’s business is anything but usual. However, collections and collecting on outstanding debts must continue for businesses to grow and survive. The good news is Direct Route is on hand to provide expert professional […]
