Get paid on time
Antoniou, N
Get paid on time - 2001 - Building 266(8185) 18 May 2001, 53(1) .
Emphasises the importance of effective credit management for construction firms to protect themselves from late or non-payment of invoices. Describes a three-stage process which involves obtaining a credit rating of a prospective customer; agreeing an official contract with clear payment terms; and ensuring payment with up-to-date accounting records and reminders. Also advises firms to consider credit insurance to protect against non-payment, and suggests that a well constructed solicitor's letter can avoid a court case. Concludes that whilst legislation has been introduced to reduce late payments, good credit management is still advisable.
CREDIT MANAGEMENT
SMALL BUSINESSES
INVOICES
CREDIT RATING
CONSTRUCTION INDUSTRY
NON-PAYMENT
Get paid on time - 2001 - Building 266(8185) 18 May 2001, 53(1) .
Emphasises the importance of effective credit management for construction firms to protect themselves from late or non-payment of invoices. Describes a three-stage process which involves obtaining a credit rating of a prospective customer; agreeing an official contract with clear payment terms; and ensuring payment with up-to-date accounting records and reminders. Also advises firms to consider credit insurance to protect against non-payment, and suggests that a well constructed solicitor's letter can avoid a court case. Concludes that whilst legislation has been introduced to reduce late payments, good credit management is still advisable.
CREDIT MANAGEMENT
SMALL BUSINESSES
INVOICES
CREDIT RATING
CONSTRUCTION INDUSTRY
NON-PAYMENT