INSIGHT: Getting Your Business In Order
As we approach the end of the year, it’s a good time for businesses to think about getting their finances in order, so they can ensure they start 2015 in good business health.
Small businesses across the north west experience the greatest number of late payments in the UK, and with many companies unaware of how much money they are owed, companies need to take action sooner rather than later.
Legislation designed to tackle the problem has yet to make a positive impact on small businesses, which are still being forced to chase bad debts every month.
However, many small businesses simply don’t have the resources to spend time managing outstanding payments, as they either don’t have the necessary staff to take on the problem or they are concentrating on running their business.
“Employing the services of a solicitor to help recoup outstanding debts, might seem like another extra cost,” says solicitor Nicola Laurie, “but small and medium sized businesses are the backbone of the UK economy and this represents a significant threat to long-term economic growth. In the last 12 months alone, we have helped businesses recover debts in the region of £1million, with debts ranging from £300 up to £250,000.
“Some companies may only have a few invoices that need chasing and we are more than happy to deal with these. However, for some companies, a bulk debt recovery option is required. For companies that need a larger scale process for the ongoing chasing of multiple invoices, the processes must be structured to cope with the increased volumes and correspondence.”
A solicitor can help assess your case and give advice on the best methods to progress depending on the amount you are owed. Often this may just involve simply sending 1 ‘Letter Before Action’ to your debtor for a minimal cost. If payment is not forthcoming then a solicitor can advise you on what your best options are from that point onwards. Don’t delay, get paid today! The longer you leave your bad debts the less chance you have of recovering them.
For advice on debt recovery, please contact Nicola Laurie on Tel: 0161 7895 3500 or email Nicola.firstname.lastname@example.orgSubscribe to our newsletter
Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.
This blog was posted some time ago and its contents may now be out of date. For the latest legal position relating to these issues, get in touch with the author - or make an enquiry now.