Business Debt - How to Ensure Debts are Settled
- Author Gertrude Mckable
- Published May 19, 2011
- Word count 504
When you're running a business, it's vital to do everything that you can to ensure that your customers pay their bills promptly. If you need to take legal action to recover debts, you can use a firm of solicitors providing a debt recovery service. Here are some other tips to help you to ensure that your customers settle their debts on time.
Make sure that your customers know when they must pay their bills.
When you first start to do business with your customers, make sure that they are aware of their responsibilities. The most important way in which to do this is to provide them with a clear set of terms and conditions. These terms and conditions should include details of the length of time within which your customers must pay their bills and the payment methods that they can use. It's a good idea to involve a solicitor specialising in business law and debt recovery when drawing up these terms and conditions, as ensuring that they are clear and accurate can save you time and expense if you have to use a debt recovery service in the future.
Make sure that you send invoices to your customers promptly and that these invoices are accurate. You should also include details of the date by which payment should be made and the payment methods that can be accepted on your invoices.
Set up a credit control system.
Set up a credit control system, so that you can keep track of the payments which you have received and so that you know which customers have overdue amounts on their accounts. Make sure that you act promptly if customers fail to meet their payment deadlines. In the first instance, you should contact them to inform them that their payment has not been received. This may simply have been an oversight, or they may have a genuine reason why they have been unable to pay on time. In cases such as this, it may be worth allowing them some extra time in which to pay, as this will build your relationship with them. However, whenever you have contact with your customers, make sure that you keep a record of this, in case it needs to be referred to at a later date.
Take action when you don't get paid.
If you are struggling to get payment from a customer, it's important to take prompt action and keep following it up. You may want to involve a debt recovery solicitor at this stage. Choose a firm of solicitors that specialises in business law and offers a debt recovery service. Your solicitor will be able to help you to compose correspondence which will make it clear to your customer that legal action will be taken if payment is not received, advise you as to whether you should demand compensation and/or interest in addition to the amount that your customer owes you, and explain how to start court proceedings if you are unable to obtain payment from your customer.
Michelmores Solicitors is a leading legal firm, with offices in London, Exeter and Sidmouth. Michelmores offers legal services in a number of practice areas, including business law, and provides debt recovery services.
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- How to prepare for a house clearance, a few tips from experts
- Adapting to Rising Parcel Rates in 2024 with Business Central and Order Ship Express
- Not All LED Lights Are Created Equal
- Zoviz Launches New Solutions Day by Day to Users as An AI Logo Maker
- Campervan Maintenance: All You Need to Know
- Fighting the Silent Epidemic: Safeguard Your Child's Future with Vitamin D Screening at KinderCure | Dr. Garima Mengi
- 5 Inspiring Stories of Women Who Achieved Gorgeous Lashes with Careprost Eye Drops
- Is Your Finance Strategy Ready for ERP Software?
- A Beginner's Guide to Starting a Career in Web3
- The Vital Role Of The Courier Industry: Connecting People, Businesses, And Communities
- Learning From Successes And Setbacks: The Importance Of Post-Bid Analysis In Professional Bid Writing
- Music And Identity: Exploring The Role Of Music In Shaping Culture And Identity
- Demystifying Dental Myths: Separating Fact From Fiction
- Expert and Little Known Tips for Limestone Floor Maintenance
- Explanation of how to improve the quality of low-resolution videos
- Do Compelling Marketing Pictures Unlock Sales Potential?
- Combining Science and Aesthetics: The Practical Benefits of Veneers
- These are my thoughts about the audience, topics, and purpose of my writing.
- Enhancing Child Health with Mindfulness: Insights from KinderCure’s Dr. Garima Mengi
- Blast Off into Adventure: 15 Must-Read Science Fiction Books!
- The Journey to Self-Love: Embracing Your Inner Worth
- Is Laser Eye Surgery A Permanent Fix?
- Gaslighting Tactics Exposed: Strategies for Combatting Psychological Abuse
- The Remarkable Role of Cellulose in Weight Management
- Advanced Rolfing Fort Worth Dallas & Power Yoga
- Advanced Rolfing Fort Worth Dallas Is The New #1 Paradigm Pain Manager
- 5 Powerful Benefits Of Certified Advanced Rolfing In Fort Worth: Discover A New Level Of Well Being
- 7 Life Changing Benefits of Advanced Rolfing Fort Worth Dallas You Need to Experience
- Advanced Rolfing Fort Worth Dallas | 10+ Benefits For Orthopedic Health
- Advanced Rolfing Fort Worth Dallas & Advanced Rolf Movement