SMEs Waste 130 Hours Each Year Chasing Payments

Article

12 July, 2012

The cost of chasing late payments including unpaid invoices and overdue accounts to SMEs has been revealed as a staggering 130 hours by a recent survey.

In addition these valuable hours wasted means a loss of business productivity. This can have serious adverse effects on the company's cash-flow and overall profitability.

The good news is that company's can keep on top of their unpaid invoices by following a simple approach:

  1. Make sure payment terms are clearly visible on the invoices and any order paperwork. Don't give them any excuses!
  2. Have a system which tracks unpaid invoices and begin to chase as soon as payment becomes overdue.
  3. When planning a cashflow forecast take into account late payments and the inevitable bad debts.

The better news is that companies can off-load the stress and wasted time involved in chasing late invoices by using an experienced debt collection team and concentrate instead on business productivity. Using an effective debt collection team will also ensure a better outcome for the company.

The Debt Recovery Team at Forbes Solicitors can advise and assist in recovering unpaid invoices. For further information please contact Alison Nelson on 01254 222399 or email Alison Nelson

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