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Bad debt wastes time for UK companies
Page 16
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Companies are being forced to spend valuable time chasing debts. Guy Sheppard reports.
SMALL AND medium-sized transport companies spend an average of two-and-a-half hours a week chasing unpaid invoices, according to a recent survey.
The research was commissioned by GMAC Commercial Finance, which helps businesses generate cash from outstanding invoices.
Spokesman Nick Grainger warns that time spent recovering debts limits a business's ability to grow and even its chances of survival: "Invoice finance can generate immediate capital on outstanding invoices, reducing cash flow worries and allowing business owners to concentrate on what really matters — running their business."
However, Steve Williams, public affairs manager for the Road Haulage Association, warns margins are now so tight within haulage and logistics that operators cannot afford to employ agents such as GMAC to chase their debts.
He argues the solution to late payment lies in every operator insisting on payment within the time stated on the invoice: "It seems you have to push a bit more to get paid.
"Whereas in the past you would send an invoice and then a reminder and get paid after 45 days, now it is taking 60 days which is obviously no good when you have to pay for your fuel in 30 days."