Anvil Business Advisory

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Anvil Business Advisory

Providing business solutions to directors and businesses across Derbyshire and Yorkshire.

28/05/2023

Having a single member of staff (or small team) manage credit control within your business can dramatically reduce your risk of incurring bad debt. When overdue payments are dealt with promptly and efficiently by someone with clear responsibility, it lets the rest of your team focus on the day-to-day.

Pairing these top tips with a good credit control system will help you reduce the risk of bad debt losses and assist you in achieving a balance between timely payments and happy customers.

As always, early communication is key. If you think your business is experiencing cash flow issues, or you would like more information on bad debt, we are here to help. The earlier you seek professional advice, the more options are available to you and your business.

Find out the other 9 Top Tips of how you can prevent bad debt in our article "Top 10 Tips to Prevent Bad Debt".

https://www.anvilba.co.uk/news/top-10-tips-to-prevent-bad-debt

27/05/2023

Completely avoiding late payments is not always realistic, but effective credit control can help minimise the risk. The more familiar your team is with your debt recovery procedure, the more effective they can be in helping you manage any potential risks.

Find out the other 9 Top Tips of how you can prevent bad debt in our article "Top 10 Tips to Prevent Bad Debt".

https://www.anvilba.co.uk/news/top-10-tips-to-prevent-bad-debt

26/05/2023

Dealing with late payments can be tricky, but it’s important to maintain a good relationship with your customers.

Be clear and transparent from the outset that if payment terms are not met, the invoice will automatically be passed to an external collector for recovery.

Find out the other 9 Top Tips of how you can prevent bad debt in our article "Top 10 Tips to Prevent Bad Debt".

https://www.anvilba.co.uk/news/top-10-tips-to-prevent-bad-debt

25/05/2023

Having a clear process for updating an order or agreement protects your business and ensures there are no surprises when it comes to a customer paying the bill.

Where changes are requested, don’t be afraid to ask your customer to confirm their agreement in writing (and re-send your terms and conditions).

Find out the other 9 Top Tips of how you can prevent bad debt in our article "Top 10 Tips to Prevent Bad Debt".

https://www.anvilba.co.uk/news/top-10-tips-to-prevent-bad-debt

24/05/2023

Ensuring your own team understands your terms and conditions of trading, including when invoices become due and any late payment charges, will reduce the risk of your customer having misaligned expectations, and you being paid late (or not at all).

Find out the other 9 Top Tips of how you can prevent bad debt in our article "Top 10 Tips to Prevent Bad Debt".

https://www.anvilba.co.uk/news/top-10-tips-to-prevent-bad-debt

23/05/2023

Improve your chances of being paid without issues by making your customer aware of your terms and conditions at the point of sale and asking them to agree.

By waiting until goods or services have been delivered, you are opening your business to disputes and late (or non-) payment.

Find out the other 9 Top Tips of how you can prevent bad debt in our article "Top 10 Tips to Prevent Bad Debt".

https://www.anvilba.co.uk/news/top-10-tips-to-prevent-bad-debt

22/05/2023

A proof of delivery note can be a major trigger for credit disputes. Missing signatures, late delivery or mismatches with invoices can have a huge impact on overall credit control.

Ensuring that proof of delivery notes are signed and that invoices are issued as soon as delivery has taken place can make all the difference in getting paid.

Find out the other 9 Top Tips of how you can prevent bad debt in our article "Top 10 Tips to Prevent Bad Debt".

https://www.anvilba.co.uk/news/top-10-tips-to-prevent-bad-debt

21/05/2023

Having your payment details clearly shown on your order forms and invoices, along with clear guidance on how to make a payment, can help encourage your customers to pay on time.

Where possible, it’s also worth offering your customers a variety of payment methods – the more ways to pay, the easier it is for your customers to pay you on time.

Find out the other 9 Top Tips of how you can prevent bad debt in our article "Top 10 Tips to Prevent Bad Debt".

https://www.anvilba.co.uk/news/top-10-tips-to-prevent-bad-debt

20/05/2023

Establish firm boundaries for your customers by ensuring your terms and conditions for sale are clearly stated on your website and all relevant documentation, including the signed order form or agreement and the invoice.

Avoid accidental breaches by sending polite reminders throughout the process with T&Cs attached.

Find out the other 9 Top Tips of how you can prevent bad debt in our article "Top 10 Tips to Prevent Bad Debt".

https://www.anvilba.co.uk/news/top-10-tips-to-prevent-bad-debt

19/05/2023

Providing your customers with clear terms and conditions of sale is essential for protecting your business from delayed payments, customer disputes, poor cash flow and unnecessary money spent on recovery.

Find out the other 9 Top Tips of how you can prevent bad debt in our article "Top 10 Tips to Prevent Bad Debt".

https://www.anvilba.co.uk/news/top-10-tips-to-prevent-bad-debt

18/05/2023

Insurance can provide a level of protection for your personal assets and properties in the event of insolvency if you have signed a Personal Guarantee. Find out how this specialist insurance works and what it can cover through the link below.

https://www.anvilba.co.uk/services/directors-personal-guarantee-negotiation

17/05/2023

The first thing that will usually happen is that your lender will send you a letter that states the payment terms – i.e. the amount and timeframe. This is called a Statutory Demand and you usually have 21 days to settle the payment.

However, if you are unable to meet the payment terms, your lender will either proceed to present a bankruptcy petition to the court or take legal actions against you, such as applying for a High Court Judgement to take over ownership of your goods and assets. Read more here👇

https://www.anvilba.co.uk/services/directors-personal-guarantee-negotiation

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