WA9

New 'Better Payment Practice Guide' for businesses

The Better Payment Practice Group has released a free credit management guide and wallchart for businesses, which is designed to help suppliers and buyers to tackle the problem of late payment.

The guide includes advice for suppliers on credit checking new customers, managing credit risk, and collecting payments promptly, as well as advice for buyers on establishing good relationships with suppliers and operating a positive payment policy.

It also contains up-to-date information on the late payment legislation, under which businesses can claim interest and compensation on bills which are paid late.

Recent reports have suggested that many small firms remain at the mercy of larger companies when it comes to receiving payment for goods and services, with many public limited companies failing to adhere to Government regulations on late payment.

Brian Cottrell, small business spokesperson for the Liberal Democrats, has recently called upon the Government to take tough action against such companies, which owe small businesses an estimated net debt of £20bn.

To view the guide, visit the Better Payment Practice Group website (www.payontime.co.uk).

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