Are you sitting on invoices that should have been paid? Perhaps your
in-house resources are struggling to chase them all? Well, you're not
the only one...
In recent years, the statistics for outstanding commercial debts stood at record figures, with SMEs alone being owed in the region of £35bn.
Although many large firms have some financial reserves to cope with late invoices, it doesn't make good business sense to have admin and finance teams tied-up with chasing bad or late debts.
The Federation of Small Business report that the average delay can be up to 20 days after agreed payment terms, putting the squeeze on a company's cash flow, impacting operating costs including wages, re-investment and ultimately the bottom line profit.
Even the Government has admitted that late payment legislation “hasn’t worked” and European directives that make the standard invoice payment term of 30 days compulsory for all businesses are simply flouted unless planned and effective credit control systems are in place.
So who can you turn to?
Jennings Debt Recovery Solicitors is a division of the Jennings Group, a highly regarded name in the legal profession. Operating nationally since 1989, Jennings are specialists in the field of finance management and, more specifically, the Debt Recovery division.
Jennings Debt Recovery provides key services to businesses who frequently issue large volumes of invoices.
Our website highlights the essential services we offer, as well as introducing the key team of experienced legal professionals who can help with your organisation's debt recovery solutions.
If you'd like to get in touch to find about more about Jennings Debt Recovery Solicitors, to discover how we may help and to discuss your requirements in further detail, with no obligation, then just call us on 0845 450 5551.