Richard Flounders, Litigation Partner, spoke recently to Northern Insight Magazine about the importance of good cashflow.
Cashflow is the lifeblood of any business and when you are owed monies by numerous debtors beyond agreed terms, collecting what’s due can become a time-consuming burden, not to mention a strain on the sustainable success, investment, and growth of your business.
Research published by Bibby Financial Services in April 2023 advised that average bad debt owed to UK SMEs had jumped 61% since spring 2022 and that 1.5 million (27% of SMEs) were struggling with the issue.
The report went on to say that 60% of SMEs said it was taking longer for customers to pay invoices in full, and 29% were worried about how long it was taking for invoices to be paid.
“It’s fair to assume that given the general economic position since April 2023 the situation won’t have improved,” said Richard.
“Cashflow is vital for any business, and we have a long history of assisting a variety of clients across all sectors and sizes with debt recovery.
Our Volume Debt Recovery Service offers an optimal solution to recouping monies owed to your business. Our bespoke software allows us to pursue an unlimited number of debts for you in a cost-effective way.
We will work with you at the outset to understand your needs and tailor the process to ensure the best outcome for your business.
If you would like to discuss our Volume Debt Recovery Service or any Debt Recovery service with Richard, please contact us on 01642 356 500 for a free, no obligation chat.
