Paul Daine

Credit control policies and the need for good credit management

If your business doesn’t have a credit policy it should get one or create one as soon as possible. The main benefits of good credit management policies are to ensure a business maximises credit sales with the minimum amount of risk. Credit risks should be identified to reduce the risk of sales going wrong and invoices not being collected in accordance with agreed terms. Your credit policy should detail the requirements you have set for your terms of payment. Recent research suggests that UK SME’s are owed on average £130,000 in late payments.

Managing your cashflow during the pandemic

GM Business Connect spoke with Paul Daine, Managing Director of Premium Collections, about the cashflow issues of businesses affected by the pandemic. Paul commented: “As we now enter what hopefully should be the final phase of lockdown and the end of the Furlough scheme in April, many small business owners will have some very difficult decisions to make about their future and that of their business. If you run a business in the retail and hospitality sectors,

How safe is your credit?

By Paul Daine, Premium Collections

You know the score, don’t you?
Your credit score that is. As consumers, most people are proud of their credit score and look after it to ensure that if and when they may need a loan, a new car, credit card or a mortgage they will get automatic acceptance at the best possible rate. However, in business you may not review your credit rating or you may not even know you have one.

Protecting your cashflow

These are somewhat unique times and many business owners face an uncertain future. However, there are a number of things you can do to minimise the risk of bad debts and to keep your cashflow positive.

Make chasing payments from clients the first task you undertake each day. Don’t just email them, give them a call. Chasing payments can be time-consuming and distracting. It can mean wasting days, if not weeks, of unproductive time. Late payment may be something larger companies practice,

Is cash flow a cultural crisis for UK business?

According to research from BACs published in 2018, almost half of the UK’s SMEs receive late payments. The average is 72 days. In cash terms, this represents £26 billion owed. Paul Daine of Premium Collections, has this to say about cash-flow issues for small and medium sized businesses, “Chasing payments is a huge barrier to productivity and growth. Late payments are not just an inconvenience, because they can make the difference between keeping afloat or actually going out of business.”

If late payments are so prevalent,

Is personal insolvency a headache for fleet managers?

Personal insolvency has consequences that can be far reaching in its impact on employers, leaving them facing difficult, unexpected issues. One such issue involves cars used for business purposes and their recovery. Here we talk about how insolvency can have a knock-on effect for business fleets and fleet management.

Who’s car is it anyway?
Who owns a company car? There are certain pros and cons to do with whether the business or the employee owns it.

Brexit and the effect on credit management

With Brexit only 6 months away businesses need to be prepared for how international trading, whether they import or export (or both) and whether they trade in goods or services, will be affected after 29 March 2019. With the pound currently almost on par with the Euro, it is already more expensive for UK businesses to trade with European partners, although the plus side is that at the moment Europeans are getting more for their money when buying from UK businesses so the UK has at least seen the potential to increase European sales.

The importance of cash flow

Cash flow is the lifeblood of Businesses. It enables them to invest and expand. Without it they cannot be sustainable. To make the most of opportunities, a business needs confidence in their cash flow. This means getting to grips with credit management.

How well do you know your customer?
You must know who you are dealing with. You need to know the person you are trading with is credit-worthy. Should things go wrong, the more you know about them,