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Credit control

A regular flow of cash is essential to the smooth day-to-day running of a business – particularly a smaller one. The vast majority of small firms simply do not have the reserves to allow them to wait for payment of what they are owed without a severe impact on their bottom line.

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The statistics on late payment are frightening:

  • 861,000 firms – that's half of all UK SMEs – experienced late payments in 2011
  • Poor payment practice costs UK businesses £20bn every year
  • Late payments to small businesses reached an all-time high of £33.6 billion in 2011
  • Small firms are each owed an average of £39,000 at any one time 1 in 4 businesses go insolvent due to invoices being paid late
  • 158 million man hours lost to chasing overdue bills last year.

If you are a member of the Forum, you can access free credit control templates for you to download and use in your own business.

The following guides were written and produced by the Institute of Credit Management in association with BIS, and are supported by the Forum.

How the Forum can help

Forum members can get help and support from our business advisers who can help you manage your cash flow and find sources of finance. We offer a range of deals, credit control and debt recovery solutions that help to save our members'  money and get paid. Call 0845 130 1722 for more information.