Government action on late payers

Whistle blowers website

The Cabinet Office minister Francis Maude recently announced that the government would be taking further steps to help small businesses with one of their key problems, late payment by large companies.  

The government intends to ensure firstly that its own suppliers are treating their sub-contractors appropriately. With the next step being for the Cabinet Office to name and shame miscreants who are reported by small businesses by publishing their names on its website. 

Here at Lewis Smith & Co. we are aware of an increase in late payment issues amongst our clients.  It is good to see that the government are taking further steps although the name and shame aspect relies on small businesses acting as whistle blowers.  No doubt we’d all like to see how secure the mechanisms are for putting names forward because the publicity could be as damaging for the small business as the large.

Perhaps it is a good time for you to consider putting in place more rigorous credit control procedures and making sure that your debt collection capability is strengthened.  Our experience is that making some relatively small changes upfront (such as performing credit checks) can make a lot of difference to the bottom line.

If you need help with any aspect of late payment or bad debts then simply give us a call on 01384 235549 or email to arrange a free, confidential meeting today.

Lewis Smith & Co. – A brilliant bookkeeping bureau for Dudley businesses