Comments on: New voluntary prompt payment code in the UK won’t work http://www.badcreditmobiles.com/new-voluntary-prompt-payment-code-in-the-uk-wont-work/ Fri, 15 Jul 2011 14:02:05 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Colyn http://www.badcreditmobiles.com/new-voluntary-prompt-payment-code-in-the-uk-wont-work/comment-page-1/#comment-5 Colyn Thu, 18 Dec 2008 10:17:44 +0000 http://badcreditmobiles.com/?p=104#comment-5 Late payment of invoices is a worry for many businesses. I saw a figure recently saying that 1 in 10 businesses are in danger of closing due to poor cash flow. Late payment has been a financial management tool for some for a long time. The difference today is that ruthless management fired by profitability has been replaced by the need to use a supplier’s money in order to fund operating costs and wages. We have set up due2pay specifically to try and level the playing field and help businesses get their invoices paid on time. ( by the date agreed with their cusomer ). Many new start ups are by people who are enthusiasts in their chosen field, design, engineering, gardening, wood working. These people are at the mercy of today’s business environment. Many do not realise the impact of giving a company an extra month of credit. Until they themselves go to the bank for credit to find out what it costs to borrow £10,000 for a month will they realise why they themselves have cashflow problems. A well known statistic is going round that 1 in 10 businesses are in danger of collapse due to cash flow problems. The SMEs need to be alert to those that will take advantage, they also need to hand over the handling of finances to their staff who deal with it on a daily basis. They need to ask their staff to be on the ball on their behalf. Late payment of invoices is a worry for many businesses. I saw a figure recently saying that 1 in 10 businesses are in danger of closing due to poor cash flow. Late payment has been a financial management tool for some for a long time. The difference today is that ruthless management fired by profitability has been replaced by the need to use a supplier’s money in order to fund operating costs and wages. We have set up due2pay specifically to try and level the playing field and help businesses get their invoices paid on time. ( by the date agreed with their cusomer ).

Many new start ups are by people who are enthusiasts in their chosen field, design, engineering, gardening, wood working. These people are at the mercy of today’s business environment. Many do not realise the impact of giving a company an extra month of credit. Until they themselves go to the bank for credit to find out what it costs to borrow £10,000 for a month will they realise why they themselves have cashflow problems. A well known statistic is going round that 1 in 10 businesses are in danger of collapse due to cash flow problems. The SMEs need to be alert to those that will take advantage, they also need to hand over the handling of finances to their staff who deal with it on a daily basis. They need to ask their staff to be on the ball on their behalf.

]]>