June 6 2016.

Late payment is the long-standing scourge of growing businesses. John Atkinson, managing director at Hitachi Capital Invoice Finance, shares a checklist for businesses to get outstanding invoices paid on time, every time....

Insight from the Asset Based Finance Association reveals that SMEs are owed up to £64.2 billion in unpaid invoices, a figure that has increased by 36 per cent since 2011. In order to free up valuable time and funds to support business growth, the implementation of a robust credit control function is vital.

Before payment is due
Businesses must follow best practice from the offset. They should start by completing the required client credit checks before a contract agreement is signed. While organisations such as DueDil and Experian are invaluable in flagging any financial irregularities, The Gazette publishes up-to-date information regarding bankruptcy and insolvency notifications. If a potential client is implicated in one of these notices, it could mean that they are about to enter administration.

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