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01/04/09 - 6 Cashflow Ideas
Harry's hints
Harry's hints
6 Cashflow Ideas
Credit control skills come to the fore in a recession. Too many businesses follow the simple but ineffective route of statement, wait, letter, wait, letter, wait, solicitor… When cash is king a skilled and effective credit controller can save many businesses. With businesses failing daily bad debts will inevitably increase - so act now to avoid becoming someone else's bad debt.
For further information on our dedicated credit control service, call us free on 0800 731 5368.
- 2. Business Payment Support Services from HMRC
If you are worried about being able to meet tax, national insurance or other payments owed to HMRC, or you anticipate that any future payments will cause you problems, you can contact HMRC to discuss payment options. The staff at HMRC will review your circumstances and discuss temporary options appropriate to your business, such as arranging for you to make payments over a longer period. They will not charge additional late payment surcharges on payments included in the arrangement, although interest will continue to be payable on those taxes where it applies.
The HMRC Business Payment Support Team can be contacted on 0845 302 1435, 7 days a week.
Increasingly businesses are using this simple and efficient system to collect debts. The benefits include reduced credit control, reduced bank charges and improved cashflow. Can we help you implement Direct Debit?
Call us on 0800 731 5368 a free no obligation quote.
- 4. Enterprise Finance Guarantee
Originally known as the Small Loans Guarantee Scheme, the Enterprise Finance Guarantee is a guarantee facility for small businesses that have been or may be refused lending due to a lack of security. Most businesses with less than a £25 million turnover are eligible providing the reason for the loan supports business growth and development. Main lenders such as Alliance and Leicester, Bank of Scotland, Barclays, HSBC, Lloyds TSB, RBS and Natwest will all lend to eligible businesses under the Enterprise Finance Guarantee or so the Government promise.
Often the most expensive form of business finance designed by banks for their profit and security yet often ineffective in collecting debts. Our tip is make the cashflow finance company earn their fees - take a daily interest in the outstanding debts and push them to act on your behalf. Make a habit of regularly contacting the credit controller responsible for your account.
Introduce a system where everything the company purchases costing more than £x has to be signed by a Director or Senior Manager. Perhaps even set a further purchase order limit above which 2 signatures are required. Clearly this will create extra administration but it will reduce waste and conserve cash.
Contact
Eagle Consulting
15a Harbour Road
Inverness IV1 1SY
t. 01463 717 170
f. 01463 717 870
info@eagleconsulting.co.uk
What would it cost?
Click here for a free quote
Testimonials
"Eagle Consulting have slashed our accounting costs and improved the standard of information available. Always friendly and helpful, they have become an invaluable part of our successful business"
Issam Ismail, Operations Director, KHL Group of Hotels
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Eagle Consulting
15a Harbour Road, Inverness, IV1 1SY
t. 01463 717 170
f. 01463 717 870
info@eagleconsulting.co.uk
Scarista Ltd is registered in Scotland
SC 152660 and trades as Eagle Consulting
VAT number: 624 4072 63
Eagle Consulting is:
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