CHW the best of both worlds

For small businesses, suffering late payment from customers is a familiar problem. Nicola Roby, from CHW Small Business Accountants in Bolton looks at the most common delaying tactics used by customers, and how you can overcome late payment excuses.

If you are running a business you are legally required to take out certain insurances. Failure to do so can not only result in hefty fines but it could put your whole business at risk. Nicola Roby at CHW Small Business Accountants in Bolton highlights some of the insurances out there.

As a small business owner you recognise that your staff are an important asset but perhaps you don’t have the cash to give them an immediate pay rise. Nicola Roby, at CHW Small Business Accountants tells how as an employer you can you be an attractive company to work for.

The practice of late payments is hammering small and medium-sized businesses across the UK. This might sound dramatic, but it’s true. A survey of 80,000 invoices carried out by business financing firm MarketInvoice indicated that 62% of invoices issued by UK small businesses in 2017 were paid late.

When starting their own business, many people use personal savings or funds borrowed from friends or family. Some are fortunate enough to secure a start-up grant or loan, or sometimes banks provide help with funding. As the business becomes more established it may have its own cash reserves, but investing them all in growing the business could leave it dangerously short of working capital.