This client, a top London accountancy firm, has used Sterling since 2009. Sterling began by having discussions with them regarding their credit control function. At the time it was being managed by a finance controller and assistant, both of whom had other responsibilities which they were giving priority to. The firm was very nervous about outsourcing, in particular [...]
The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. At its meeting ending on 1 November 2017, the MPC voted by a majority of 7-2 to increase Bank Rate by 0.25 percentage points, to 0.5%. The Committee [...]
Secretary of State for Business, Greg Clark, announced the appointment of Paul Uppal as the Small Business Commissioner. The appointment of the SBC builds on the Government’s programme of support for small business, since 2010 including: British Business Bank programmes supporting £3.4 billion of finance to over 59,000 smaller businesses; over 50,000 Start-Up Loans worth almost £340 million; [...]
Why should SME's take a good look into outsourcing credit control options early on in the payment cycle process of their business? ....to help avoiding as much late payment as possible. For some that's only realised when it's almost too late. The blame may often lay in their own hands not just their debtors, when facing [...]
New measures to support the Prompt Payment Code have been confirmed in a letter sent to signatories of the code from Small Business Minister, Margot James and Philip King, Chief Executive of the Chartered Institute of Credit Management (CICM). More than 1,800 firms are signed up to the Prompt Payment Code, with each one committing to [...]
At least one fifth of UK corporate insolvencies in the past year were caused by late payment or the insolvency of another company, according to new research by insolvency and restructuring trade body R3. A survey of the insolvency profession reveals that late payment for goods or services was a primary or major cause of 23% [...]
Employ or Outsource your Credit Control position? Obviously I will say outsource, but with good reason. Working in an office filled with teams of credit controllers gives me plenty of great insight into how credit control truly makes a difference between make and break for many SME’s, and how time consuming the process is. Having an [...]
Another leading London accountancy firm signs with Sterling. A third leading London Accountancy firm has chosen to outsource credit control and debt recovery to Sterling, this follows a successful trial period. The firm ran a trial with three of their 15 partners for 4 months. During this period Sterling managed to improve cash-flow for the 3 partners [...]
Does the government really understand how business works? This is a question being asked by hundreds of thousands of small firms as we near one of the most significant regulatory changes that could add time, effort and cost to doing business. Requiring small firms to account for their corporation tax on a quarterly basis, rather than [...]
If you do regular business with slow paying clients, you are probably spending much more time chasing payments than you should be. This is not the best use of your work time and can undermine your business relationships with those clients. Prioritising credit control (payment collection) activity will go a long way to improving your collections and [...]