Chasing payments most arduous task for SMEs

Small businesses often have to wait up to 90 days for payments to be made during the tough economic climate

Credit control processes such as chasing up payments are the most hated tasks of small business owners, a new survey has revealed.

More than seven in 10 respondents to the survey suggested that credit control was the task they least looked forward to.

Other menial tasks that small business owners weren’t keen on were processing expenses (61%), formatting documents (39%) and organising email inboxes (35%).

Credit control tasks, especially in today’s late payment culture, rarely prove particularly fruitful, as debtors take advantage of the tough economic climate and insist on lengthier payment terms.

Richard Cole, Corporate Manager for SBF,  said: “Small business owners understandably want to focus more of their time on growing their business and increasing order numbers, during a time when remaining competitive is vital”.

“But credit control procedures still need to be undertook on a regular basis to ensure cash keeps coming into the business”, he concluded.

Is credit control proving painful?

One way that small businesses can remove the hassle of credit control is by utilising invoice factoring, a form of invoice finance.

Invoice factoring is a cashflow facility which provides a business with money upfront for their invoices, as well as a credit control team to chase payments.

Using such a facility with Skipton Business Finance means one of our expert staff works on your behalf to chase payments, getting money into your business quickly and without hassle.

Remove the strain of credit control and late paying debtors today with a factoring facility! Why not give us a call on 0845 602 9354, email us at info@skiptonbf.co.uk or browse our website for more information.

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