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This article provides a step-by-step guide on taking legal action against companies that fail to pay debts. It covers costs, the claims process, court hearings, and enforcing judgments. It also explains how to calculate interest and fees, encouraging creditors to resolve issues before escalating to court.
This guide highlights proactive strategies to ensure timely payments from customers. It emphasises the importance of mid-term invoice follow-ups, resolving issues early, and creating strong credit control processes. Outsourcing credit control is also recommended for businesses lacking the resources to handle it effectively.
The article explains the importance of monitoring and maintaining a healthy business credit score. It offers practical tips on keeping records updated, paying invoices promptly, and limiting credit applications. It also stresses the need to check customer and supplier creditworthiness to avoid financial risks.
Credit control plays a pivotal role in maintaining financial stability for businesses of all sizes. Yet, many companies underestimate the impact training can have on refining their credit management processes. This post outlines why training in credit control is vital for protecting your business’s financial health, reducing risks, and fostering stronger customer relationships.
Quickly calculates interest on overdue payments.
Quickly calculates how much cash is tied up in overdue invoices
Checks if a business is still in operation
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