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Press ReleaseJuly 2006: Don't accept late payment, local businesses advisedCompanies suffering from late payment by their customers risk business failure, yet action can be taken to cut down the problem. So says Wingfield Slater, one of Sheffield’s top five independent accountancy practices. In its latest Financial Monitor newsletter, Wingfield Slater advises on various steps that business owners can take to protect their businesses from late payment. The Financial Monitor is emailed to Wingfield Slater clients and is also available for anyone to download from its website, www.wingfieldslater.co.uk . Said Wingfield Slater partner ,Derek Hemmingfield : “Business owners certainly should not accept late payment as something normal. Maintaining cash flow is one of the most important business aims, but all too often it is overlooked and this can often lead to business failure.” The Wingfield Slater Financial Monitor gives various guidelines that business owners should follow to protect themselves against late payment. These include establishing credit terms with new customers to avoid disputes later, learning about customers' invoicing needs and how to chase payments firmly and consistently. It also helps to have a friend in the accounting department of a supplier organisation. Other advisory topics covered by this latest Financial Monitor include business rate relief for small firms, key tax payment dates, the new Age Discrimination laws and the licensing of houses in multiple occupation. |
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