One of the toughest things about running a small business is dealing with non-payment on invoices – unpaid invoices can cause a big disruption for your cash flow, and because you don’t have a finance department to do the chasing for you, you often find yourself in the awkward position …Read More
The Hub contains our latest news, tips and guides on a range of topics to help you and your business thrive.
If your business is doing well, there may well come a time when you’ll need to raise investment in order to grow and expand further. While the traditional route of securing a bank loan remains attractive to many business owners, it’s not always as easy as getting an appointment, making …Read More
Your invoice isn’t just a legal document that you have to retain for your records, and it’s not even just a document that asks your client for payment. The real job of your invoice is in helping you get over the final hurdle of completing a project and getting paid. Under interrogation …Read More
Department for Business, Energy & Industrial Strategy, has announced plans help crackdown on bigger businesses which have poor payment practices towards their smaller suppliers and contractors, increasing the powers of the Small Business Commissioner; and to strengthen the Prompt Payment Code.
Some of the primary elements of this include:
Proposed new …Read More
From the dog eating the invoice to radio silence, some clients will try a range of tactics to get away with paying you late. So what do you do when it comes to chasing payment? Here are some classic excuses that we’ve heard before and our top tips for working …Read More
Looking at the news, cyber threats seem to be everywhere. Whether it’s hacks of major film studios, NHS meltdowns, or overseas election meddling, cyber crime and the consequences of poor cyber hygiene are on the rise. But how does this impact on your small business? Why would cyber criminals try and target a …Read More
Six month’s of development and a lot of coding, testing, breaking and fixing and we are ready to reveal Checklate. It is still in the very early stages of development, but the one thing we need to help us improve is more data. This means we now need to release …Read More
If you run your own business it’s likely that at some point you’re going to come across a client who doesn’t pay you on time. So what do you do when it comes to chasing payment from them? Here are some suggestions on how to work with five types of …Read More
Most payment disputes can be easily avoided with a clear invoicing process or quickly resolved with a gentle reminder – but what can you do if your client simply won’t pay?
In this expert guide, founder and Chairman of LawBite, Clive Rich, and barrister Belinda Naiken-Payne explain the legal recourse open …Read More
Customers that are offered convenient online payment methods pay invoices two to three weeks earlier than usual. Here’s how small businesses can cash in on the trend.
Popular online payment methods
If you’ve bought something online, then you’ve probably used an online payment method. The most common are credit cards, debit cards, …Read More
It would be nice if you could send an invoice, then sit back and watch the money roll in. But half of all invoices are paid late. And some aren’t paid at all. So how do you handle outstanding invoices?
How to collect money
Some people – like credit control managers, accountants …Read More
How do you get paid for goods or services? Accounts receivable is the short answer. Here’s your introduction to one of the most important functions in a business.
What is accounts receivable (or trade debtors)?
Accounts receivable is the money you’re owed by customers. Once you send an invoice (or bill), it …Read More
Inventory accounting can be done a lot of ways. And it doesn’t have to involve painstaking stocktakes. Check out these approaches to one of the most hated jobs in accounting.
Basics of stock accounting
To correctly account for inventory, you need to know how much stock you have and what it’s worth …Read More
When you are in the early days of starting up your business, there’s a never-ending list of tasks to complete. Sorting out the terms and conditions of trade is not at the top of the list. Getting your product market ready, finding customers and marketing your product take priority in …Read More
Choosing the right accountant is one of the most important decisions a small business can make. A good one can save you time and help your business grow; a bad one could cost you much needed money. Yet with thousands to choose from, it can be a daunting call to …Read More
Every business wants its invoices paid in good time or at least within the scope of terms agreed ahead of work being undertaken or services being provided. Unfortunately, that doesn’t always happen. In fact, chasing unpaid invoices can often come to feel like a full-time job in itself for small …Read More