RIABU - Tips and tools for getting paid on time by your customers

Are you sure you don't have customers who pay you late?

Surveys show 1% of SMEs have problems collecting payments from their customers, and 99% lie!

Fact is, there are very few industries where transactions are routinely handled in cash or payments are immediate.

But if you extend credit, you will invariably have customers who pay you late.

RIABU's Mark Laudi and Simon Littlewood discuss the dangers of living in denial.

Should you go easy on chasing customers for payment during times of recession?

When the economy is slowing, you might be reluctant to raise payment terms with your customers.

After all, you might fear losing them if you bring it up during your negotiations.

But as RIABU's Mark Laudi and Simon Littlewood discuss, a difficult economy is precisely the time to ensure you will get paid on time. We show you how.

Sisk CEO blames suppliers' incorrect invoices for delayed payments

SISK was recently kicked out of the Prompt Payment code by the Chartered Institute of Credit Management (CICM) which administers the code on behalf of the government.

However, John SISK & Son CEO Stephen Bowcott blamed their suppliers for submitting incorrect invoices which resulted in them being paid late.

Other big companies like DHL, GKN have also been suspended from the code so these companies need to come up with an action plan soon.

In this podcast, RIABU's Simon Littlewood and Mark Laudi take you through the prompt payment code and steps that these companies can adopt to get their invoices paid on time. 

 

 

 

Half of regulated UK supermarkets not keen on signing payment code

Only 6 of of the 12 UK major supermarkets signed up for the prompt payment code.

However, despite the other half of UK supermarkets not signing up for the payment code, payments seem to have improved from the major industry players to their suppliers.

But what is stopping these major supermarket from signing up?

In this podcast, RIABU's Simon Littlewood and Mark Laudi will take you through the pros and cons of signing the payment code as well as the terms that should be included in the invoices.

Article: Half of regulated UK supermarkets not keen on signing payment code

 

 

 

Payment delays in India affect renewable energy companies

Solar and wind energy companies in India are waiting in vain for payments from power distribution companies (DISCOM).

This is not a new problem. Payments have been delayed for up to 10 months in states such as Andhra Pradesh and Telangana.

As a result, renewable energy companies struggle with insufficient cash flow and tighter margins, which leads to problems bidding for new projects and maintaining operations.

So, what can these solar and wind energy companies do to ensure that they get paid on time?

In this podcast, RIABU's Simon Littlewood and Mark Laudi discuss.

Queensland government to pay suppliers within 20 days

The Queensland State Government has announced small businesses will receive payment in 20 calendar days, down from 30, from 1 July next year.

What's more, the government will voluntarily pay penalty interest if it takes longer than 30 days to pay bills on contracts up to $1 million.

This will help smaller business suppliers greatly.

In this podcast, RIABU's Simon Littlewood and Mark Laudi take you through the benefits, but also the dangers of the new policy.

Article: Queensland government to pay suppliers within 20 days

The dangers of templated credit policies

Not getting paid on time by clients is an epidemic nightmare for many freelancers, and the lack of corporate infrastructure to support them exacerbates the situation.

Can templated contracts or credit policies ensure that your customers learn to take your terms seriously?

RIABU experts Simon Littlewood and Mark Laudi discuss the measures you should put in place into your business structure to ensure you get paid on time.

What should you do before you charging at your team and demanding payments from customers

Late payments are a common frustration, and chasing customers for late payment is an emotionally-gruelling task.

But what should you do before charging into the head of sales’ office demanding they call customers for payment.

In this podcast, RIABU experts Simon Littlewood and Mark Laudi discuss what you should do and the parameters you should set when dealing with customers to ensure collecting payments become a seamless process.

The dangers of not getting paid when you have to invoice an intermediary

Beware customers who buy your products or services, and then ask you to invoice an intermediary.

There are many large companies that do this, for very legitimate reasons.
For example, they outsource their Accounts Payables to small consulting firms.
Or they direct you to work with a subcontractor, who has been assigned budgets for a certain project.

But if you’re the supplier, this makes it much harder to get your invoices paid on time.

RIABU’s Simon Littlewood and Mark Laudi discuss how to overcome this additional layer of complexity in your customer relationship.

Invoicing financing site comparison - why it's a bad sign

Supply Chain Financing sites are mushrooming, offering easy finance to companies whose financial standing is too weak to get traditional bank loans.

But the substantially higher interest rates might well swallow your entire profit margin on the invoices you factor.

And the chickens will be coming home to roost, as interest rates are much higher than two years ago, and the economy is slowing.

RIABU's Simon Littlewood and Mark Laudi explain.