Posted on 15th May 2009 by Cashflow Protector in Cashflow problems | Comments Off
Keeping your cashflow on track will give you a secure base to both grow your business and ensure your survival.
Recent tightening of the money market has made banks ever more cautious in their lending decisions so, speeding up slow payers is essential to ensure you have money to fund your business growth – after all it is your money slow payers are using to fund their businesses!
We have put together the following top ten tips to help your cash flow on track. Read the rest of this entry »
Posted on 15th May 2009 by Cashflow Protector in Late payments | Comments Off
Thousands of small business jobs are being put at risk because councils are failing to pay invoices within the Government imposed 10-day target.
Despite orders from the Business Secretary, Lord Mandelson, four out of five local authorities are ignoring pleas to help firms by speeding up invoice payments and continuing to make late payment.
Small business leaders warn that thousands of jobs are being put in danger, as late payment stretch credit supplies of companies already struggling with the recession.
Critics said it provided “yet more evidence that the Government’s policies aren’t working”.
Read the rest of this entry »
Posted on 15th May 2009 by Cashflow Protector in Invoice chasing | Comments Off
Almost without exception our member’s biggest issue is the time expended on Invoice chasing and by outsourcing to an Invoice Chasing Service such as Cashflow Protector.
If your cashflow is suffering and you have slow payers – read on…
Keeping your cashflow on track will give you a secure base to both grow your business and ensure your survival. Invoice chasing service makes sense with banks ever more cautious in their lending decisions so, speeding up slow payers is essential to ensure you have money to fund your business growth – after all it is your money slow payers are using to fund their businesses!
Cashflow Protector Invoice chasing service is accessed online and speeds up your slow payers without destroying our customer relationships. Unlike high cost Factoring or invoice discounting all the money comes direct to you – no commission the one off annual fee is all you pay and it covers legal costs for non payers.
How it works: Step 1: You invoice your client as normal. Step 2: If payment isn’t received within agreed terms, simply go online register all outstanding invoices for that customer on the secure website. Step 3: Leave the rest to Cashflow Protector™ the Invoice Chasing Service.
Posted on 15th May 2009 by Cashflow Protector in Late payments | Comments Off
Our advice is always to put in place a process that will encourage your clients to pay and so avoid the need for you to write a late payment letter.
We recommend a courtesy telephone call, say 3 days before payment is due to establish that the invoice has been approved for payment. If there are any outstanding issues get those resolved and avoid any payment delay. You need to confirm that payment will be made on the due date and if not when. Don’t forget to confirm what has been agreed by email or payment letter.
Always keep a record of your actions and conversations.
We recommend that your late payment letter is sent no later than five days after the payment date.
Always try to establish who at your client is responsible for raising payments and write to them – not your contact!
Our suggested wording for your first late payment letter is below – if you need help for further letters then please get in touch with us as that is the time you should introduce Cashflow Protector.
Late payment letter
Dear Mr /Mrs/ Ms (name of person responsible for raising payment)
Amount Outstanding £___________
I enclose a copy of our invoice number/s xxxx which is/are currently overdue for payment.
Our payment terms are strictly xx days. Late payment has an impact on our cash flow and our ability to provide the service our clients demand. I would therefore ask you to pay the outstanding amount without further delay.
I look forward to receiving your payment by return.
Yours sincerely,
Your Name
Your Job Title
