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Wednesday, 29 June 2011

Late Payments! How to improve debtor collection

As many readers will know a business can be making lots of profits, on paper, but can still fail if they don't collect cash.  The converse is also true in that some business are making losses but still have lots of cash.  Mind you, these tend to be large companies with lots of funding and/or profits from previous years.

So what can we do about it?  You need to collect in the debts!  It sounds obvious but we see lots of companies that are owed money and have allowed debts to build up.  Often the management have always felt comfortable with their clients slow payment in the past that it became expected and then they stopped paying altogether.

In these tough times you need to get in the cash!  or you could face insolvency and go into liquidation

Please look at our updated page on debt collection and late payment

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