Late payment can cause significant financial strain on small businesses and ltd company accounts, impeding their growth and ability to pay suppliers. The UK’s late payment crisis is predicted to worsen in 2022, potentially leading to the closure of 440,000 SMEs. To protect against late payments, small businesses should consider granting credit cautiously, credit check new customers, set credit limits, and agree to staged payments or part payment upfront for high-value sales. Legally, businesses can charge interest on overdue invoices, but a new invoice detailing the accused’s interest needs to be…
How to Reduce the Chances of Late Payment Affecting Your Small Business
