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March 2012

Pay up on time

A new guide ‘Get Paid!’ has been published. The guide which is aimed at smaller businesses contains tips and advice from both suppliers and customers. The guide covers advice on invoicing and developing a robust credit policy.

The government is asking businesses and public organisations to pay suppliers on time and for small businesses to pursue those who put them at risk by delaying payment.

Prompt payment is vital for SMEs, with many businesses not able to survive the cashflow problems that late payments create.

The government is encouraging SMEs to:

• proactively agree payment terms before delivering orders
• sign up to the government’s Prompt Payment Code, run by the Institute for Credit Management
• raise complaints over late payment from Code signatories and use legislation already in place to help companies pursue late payers
• use electronic invoicing where possible.

If you are having difficulty in collecting debts and would like help putting a suitable process in place please contact us.