Claim what you are owed
Forbes solicitors is advising local businesses to claim what they are owed after a survey revealed more businesses are suffering as a result of late payments.
Research by BACS has revealed that 53 per cent of SMEs have suffered delays in payment from their customers. The research indicated that much of this money is owed by larger companies who are holding onto their cash longer and allowing payments to become long overdue.
Alison Nelson, debt collect executive at Forbes solicitors, said: “Late payments are the last thing any business needs, especially small businesses that often don’t have the man power to chase them up.
“Just a few simple and timely steps at the outset can tighten up your system for swift, effective, collection.
“Late payment interest can be added to the amount owed which often encourages people to pay promptly.”