Late payments and unpaid invoices see 200,000 businesses struggling

Posted on 7th Aug 2009 by Alan in Late payments, Unpaid invoices | Comments Off

Figures published this month show a sharp rise to nearly 200,000 businesses struggling in the second quarter of this year much of it caused by the increase credit taken by late payers. Unpaid invoices continue to be of particular concern.

The increase of businesses showing signs of significant financial problems compared with last year is endemic throughout the country. Late payment and unpaid invoices are blamed by many companies with customers continuing to stretch payment.

There is a very diverse picture amongst sectors on a quarter on quarter basis:

Recruitment, engineering and manufacturing amongst others have shown substantial increases in problem companies and unpaid invoices.

Construction and professional services have in contrast shown reductions in problem customers quarter on quarter but unpaid invoices are of continuing concern. Read the rest of this entry »

Unpaid invoices: how to get them paid

Posted on 17th Jul 2009 by Alan in Unpaid invoices | Comments Off

Unpaid invoices are a problem for many businesses. With banks less willing to help businesses with, lending or , reducing or removing overdrafts, businesses are using the suppliers to fund them by way of unpaid invoices.

Having a successful business with clients with whom you have a long working relationship does not preclude you from unpaid invoices. Those long standing clients may have financial problems of their own and are often are left with no alternative but to dump their burden on you.

This tale is typical of many businesses both large and small where they appear to be healthy and growing in terms of sales but that growth is being sabotaged by slow paying customers and unpaid invoices.

So what do you do to prevent being strangled by cash flow problems and unpaid invoices? Read the rest of this entry »

Unpaid invoices: are they affecting your business?

Posted on 17th Jul 2009 by Alan in Unpaid invoices | Comments Off

Unpaid invoices have been always been a problem for businesses, but ever more so in the current financial climate.

With banks lending less money many businesses are finding it difficult to get additional lending or extensions to their overdrafts. Many are being pressured by their bank to reduce current overdrafts. These businesses are pushed to try to extend their payment terms without advising their supplier which leads to slower payments and unpaid invoices.

It’s a fact that most businesses will suffer unpaid invoices which can lead to bad debts. Historically SME’s have written off annually £3,500 in unpaid invoices and from our experience this national average figure is growing. Read the rest of this entry »