http://www.yourfbs.co.uk/getting-paid-on-time/ Ed Hart provides Financial Business Support that's right for You Sun, 04 Dec 2011 12:18:31 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://www.yourfbs.co.uk/getting-paid-on-time/comment-page-1/#comment-39 Colyn Stevenon Thu, 18 Dec 2008 10:29:30 +0000 http://yourfbs.co.uk/?p=221#comment-39 Late payment of invoices is a hot potato now and has always been around. We have set up due2pay to tackle the problem of late payent and to try to level the playing field where at the moment it is stacked in favour of the customer. The difference today is that ruthless management fired by profitability has been replaced by the distinct need to use a supplier’s money in order to fund operating costs and wages. Many new start ups are by people who are enthusiasts in their chosen field, design, engineering, gardening, wood working. These businesses are at the mercy of today’s business environment. Many of them don't realise the effect of giving a company an extra few months of credit. Only when the supplier goes to thebank themselves 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. 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 hot potato now and has always been around. We have set up due2pay to tackle the problem of late payent and to try to level the playing field where at the moment it is stacked in favour of the customer. The difference today is that ruthless management fired by profitability has been replaced by the distinct need to use a supplier’s money in order to fund operating costs and wages. Many new start ups are by people who are enthusiasts in their chosen field, design, engineering, gardening, wood working. These businesses are at the mercy of today’s business environment. Many of them don’t realise the effect of giving a company an extra few months of credit. Only when the supplier goes to thebank themselves 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. 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.

]]>