After years of negativity about the economy and how business is faring, it seems that there may be light at the end of the tunnel.
According to some reports, business confidence is now at its highest level in 20 years, which is very encouraging.
Lovetts Plc have conducted some late payment analysis and the results show that since Q1 2014 businesses have become busier - this is based on the volume of invoices being issued and now being chased for payment.
Great news for business owners.
However it's not all coming up roses as many businesses are battling late payment with the number of bad debts on their books having increased by almost a third.
Despite the boom in business prospects, the problem remains that late payment is becoming increasingly widespread, and this is despite Government attempts to tackle the issue.
Cashflow Protector in Bromley advise that never before has it been more important to ensure you have effective credit control policies and systems in place to avoid having bad debt. Efficient and robust Credit Control will not only be good news for the cash flow of your business but it will also mean you get early warning of any clients who may have issues regarding payment.
