New Years’ resolutions for small businesses

With three in ten small to medium businesses having to write off bad debts in the last 12 months, it’s no surprise cashflow can be a major issue for companies. Get your business off to a good start this January with these helpful tips to reduce unpaid invoices.

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Philip Gleeson Carlisle

Who We Are & Who We Help

WHO WE ARE Carlisle Solicitors is a commercially focused legal practice that delivers specialist debt recovery advice to clients.  Our goal is simple - get businesses paid faster.  We do so through the relentless pursuit of our clients’ needs,

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Safe Trading Steps

Prior to veering down the legal route for debt collection, it is important to know how to trade safely. Here are some tips to consider while trading

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Day Sales Outstanding (DSO)

Day Sales Outstanding Debt Collection

Day Sales Outstanding (DSO) is a financial calculation that helps a company determine the number of days, on average, it takes for them to collect payment from credit sales of the business. It is a calculation that, if used, should be taken on a regular basis, preferably monthly so that over time you can spot any trends or movements in the number of days it takes your company to be paid.

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Judgement in Default in Debt Collection Cases

In some cases, a debt may be collected simply by issuing a demand letter, giving the debtor 7 days to pay the debt to you. However, this can differ from case to case and depend on your situation, it can be a more difficult process that will take longer than the initial 7-day demand letter. In such cases, you may commence with legal action and if you still hear nothing back from your debtor then you may proceed to obtain judgment in default.

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Property Management Companies; A Debt Collection Strategy

property management company debt collection strategy

Once the debt recovery process has been agreed, an often-unexplored area of credit control is for the property management company to step outside the box and focus on a softer approach to credit control. You would be surprised how effective communication, community management as well as reputation management combined can help to reduce the number of service charges that a property management company needs to chase.

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