How to Effectively Manage Late Payments – and Avoid Cashflow Issues – Once and for All

Late PaymentsYou may have heard it all before – to avoid late payments (and other issues that stem from it, such as a lack of cash or a weak cashflow), you should make sure your clients understand your payment terms from the start and make sure your invoices include all the relevant details so you can eliminate the risk of disputes.

But, needless to say, if late payments are an even bigger issue for you now than ever, there are certain additional things you can do to tackle the issue once and for all. This not only includes sending your invoices way before the due date, offering discounts for early payments, and the solutions mentioned above – this also includes keeping track of your invoices, protecting yourself against a bad debt, and knowing the proper way of asking for or collecting payment.

Keep track of your invoices, especially those from customers who regularly pay late
One of the alternative things you can do to obliterate late payments is to keep track of all your invoices – especially from those customers who have a history of paying late. This means making sure you have confirmed that they have been received by your debtors. What you can do to augment the process is to contact your customer before the date the payment is due just to make certain that there are no questions or disputes and that the payment will still come through. But, if your debtor’s payment has still not arrived on the due date, contact them again on the day itself and remind them about the consequences they can face for late payment.

To help you keep better track of your clients and their debts, make use of software specially-designed for financial management which can help you manage your debtors’ accounts and which you can also use as a central system through which you can make and send out invoices electronically. Additionally, when choosing software, choose one that can list as well as track any invoices that are already past the payment date and that can also do an assessment of which customers regularly pay late.

Protect yourself from a bad debt
If late payments have become an issue that is really affecting your business cashflow, you can protect yourself from these kinds of bad debts by getting trade insurance coverage. This is especially useful if a customer has already gone insolvent and can no longer pay you for your goods or services.

Know how to properly ask for – or chase – payments
If you have done all that you can to get paid – including contacting your customer numerous times – to no avail, then you have no other recourse but to use other modes of collecting payment. The first thing you can do is charge your customer for late payment. You have the right to do this because there is a specific law or legislation that allows businesses to charge penalties for late payment or to charge their customers for the costs of debt recovery. If this method still does not work, then you can ask for help from a debt collection agency. If this does not work, either, then you can think about taking the case to court. This, however, is considered an extreme and worst case scenario as it may end up costing you money and time in the end.

If you are tired of dealing with late payments and have had your cashflow affected more than a few times, you can make use of the cashflow solutions offered by Ultimate Finance (learn more by visiting www.ultimatefinance.co.uk), which include invoice discounting, factoring, asset finance, construction finance, and transport finance, among others.

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What if my PPI provider won’t help?

PPI providerIf you’ve been turned down by your lender, then the next point of call should be the independent consumer complaints organisation: the Financial Ombudsman Service.

It will step in and formally investigate any claim that the loan provider hasn’t resolved, within six to eight weeks. The service is free and they will independently assess the merits of your case and is then the final say on the matter.

Many will be tempted to use a PPI claims management company who will offer to do all the leg work to reclaim your money, but will claim as much as 30% from your refund, which is an exceptionally large amount for something that you can do yourself for free.

What should I say in my complaint letter?

If you’re going it alone, then you will need to draft up a complaint letter. If you’re going to write your own and not use a template, it is important to avoid angry undertones. Instead the focus should clearly and concisely list, why you believe you’re owed.

Include copies of any relevant documentation that supports your claim.

Also ensure that you send your letter by recorded deliver to ensure you’re aware when the bank received the letter, and that they respond within the required eight weeks.

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How Can I Find Out If I Have PPI?

PPIIf you have any paper work for your credit or store card or loan then check these for any additional payments that you could be paying towards PPI. If you don’t have any statements to hand, then contacting the lender, is the best thing to do. Contact the lender is what you should do when you are in the lack of needed statements to hand, that is the most important thing to do.

All of the negativity surrounding PPI means that the providers are aware they need to uphold any valid claims, however it won’t stop many of the lenders initially rejecting the claims.

Who do I contact about my claim?

Going to the provider directly is normally the best course of action, and the easiest way to reclaim your money. In most cases the lender will pay without any real challenge, after all the major banks and lenders have set aside billions to pay back those who were unfairly sold policies.

However if they disagree with your claim and continue to insist that the policy was sold to you fairly then you have the right to dispute the claim and after providing solid evidence they will have to bank down.

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Top reasons why you should definitely start forex trading

forex tradingIt is possible to trade in forex provided you get hold of a good user interface for forex trading. If you are able to make your own search in the best way it would definitely help you to get the right amount of satisfaction out of it. There are many good reasons that you can find when you opt to start forex trading. But at the same time you have to make sure that good efforts are made by you to find a reliable and genuine source that would prove to be very important to you.

  • Invest in small margins: You do not have to worry at all as it does not require a huge amount of money to be invested. This is because one can try to invest in small margins that would not make you get worried about burning a hole in your pocket at all. So this helps you to stay in an advantageous position that does not lead to any worry.
  • Forex market is open 24×7: Yes, forex market is open round the clock every day. So you do not have to get worried at all investing your money anytime. There are also some people who have used forex trading as part time job as it can be traded in the morning, evening or even at night as well without any problem.
  • Get the perfect guidance: It is also possible for you to get the best guidance on how to become successful trading in the best way. Sites like mocaz.com offers with a myriad of tools in providing the perfect guide and help to become a successful trader in the right way. It also makes it possible for clients to AutocopyTrade where experts trade in the best way and that too automatically as well.

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How to choose the best financial advisor

Happy young couple discussing with a financial agent their new investment

Happy young couple discussing with a financial agent their new investment

Choosing a financial advisor is one of the very important first steps in a financial planning. Financial advisors will guide you from zero and give you extensive insight regarding the investment world you may never know. They are professional, and like personal physicians, they would be your personal physician who always gives suggestions for your financial health. In this article, we will learn about some of the stages in choosing a best financial advisor for you

Knowing the purpose of investment
This is the most basic step because by knowing your investment objectives, then you can be more focused in finding a financial advisor. Most people make the mistake of choosing a financial adviser without knowing their investment objectives.

Knowing where you can obtain the best financial advisor for you
Ancient way that you can wear is to seek advice from family, friends, and business associates. Although this method is quite old-fashioned but this one is still very effective today. You can also obtain the names of financial advisors from their professional association. By searching through a professional association, then you can check the license of each candidate for your financial advisor. Several different licenses that you can find when you are looking through a professional association is a Certified Financial Planner (CFPs), Chartered Financial Consultant (ChFCs), Personal Financial Specialist (PFS), Certified Investment Management Analyst (Cimas) and Chartered Financial Analyst (CFAS) , You can also find the experience of each candidate that would be selected.

Performing initial consultation
Initial consultation is very important to assess whether your financial advisor is more interested in selling the product than helping you. You can ask questions freely and you can find out the real motives of a financial adviser.

Knowing the mechanism of payment
Financial advisor payment mechanism is varied. A financial advisor can work for a commission or hourly rate. Knowing and deciding payment mechanism are the final steps in choosing your financial advisor.

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