In 2017, late payments continue to cause problems for many businesses across the United Kingdom and new research has suggested that 6 in 10 invoices are unpaid at due date. It’s a major concern that 70% of businesses rely heavily on being paid within terms to avoid a working capital downfall.
Research carried out by Amicus Commercial Finance has shown that unfortunately, matters are far, far worse than suggested. 1 in 6 SME invoices remains unpaid after 90 days which is actually quite alarming. Almost half are still outstanding after six months which is causing problems, left, right and centre. Further investigation has proven the SMEs are the worst affected and as such, are hit with the complications of severely stretched resources and cash flow gaps.
With all of this in mind, now is the time to take back control of your accounts, and get back what is rightfully yours. Read on to learn more about why it is important to take control now from one of the UK’s top debt collection agencies, Cobra Financial Solutions.
Time is of the essence
Having a large invoice remain outstanding can be extremely frustrating, particularly if your ability to take on future contracts is inhibited due to cash flow restraints. There may come a time where enough is enough and now is that time.
Taking decisive action
Just like buses, overdue invoices often appear around the same time. If this happens to your business, you may find the strain and resource spent chasing the individual cases detracts directly from essential duties, producing greater problems. Get in touch with Cobra Financial Solutions to help you minimise stress, recover outstanding debts and focus on running on your business.
A chance to refocus
Keeping on top of your customers can be a difficult task for any business, especially one that is experiencing rapid levels of growth. If your business is growing and you are finding you are struggling to keep on top of your accounts, get in touch with us today and see how we can support you.
Don’t leave it thinking you will be able to tackle outstanding debts alone. In reality, you’ll be far too busy running and expanding your business so trust in the professionals when it comes to debt collection services across the UK.
If you, like the above mentioned, would like to have greater control over the future by ensuring your business is paid on time to facilitate the growth desired, Cobra Financial Solutions are here to help you. Get in touch today and speak with one of our helpful, experienced debt collection specialists. We are here to help.