Simplistic credit crunch tips from ACCA

Basic list of late payment tips for small businesses facing credit squeeze.

By News Desk
4th August 2008 at 16:52

As the credit crunch continues to bite, the Association of Chartered Certified Accountants (ACCA) has released a top ten list for small businesses facing late payment or debt recovery issues.  A very simplistic list with the mandatory seek more advice from your accountant to conclude.

1. Decide whether it is worth a fight.

2. Consider your customer.

3. Assess why the customer has refused to pay.

4. If the customer does not have a good reason for not paying, you may choose to use a debt collection agency or a solicitor specialising in debt collection.

5. If you opt for debt collectors, ensure you make checks before using an agency.

6. For debts over £750, you can issue a statutory demand.

7. Opting for the Small Claims Track is useful and inexpensive in pursuing debts of up to £5,000.

8. Remember that the real winners in debt recovery are often the lawyers and debt collection agency.

9. Review your contracts.

10. For further information on debt recovery, use a chartered certified accountant.

Useful perhaps, but you’d think ACCA might have come up with something a little more incisive and in depth.

Commenting Is Easy

Do you have an opinion on this news item? Have something to add that others might find helpful? Then please leave a comment in the box below.

If you'd like to have your image included next to your comments here, then you can set yourself up with an avatar in just a couple of clicks.

Leave a comment

Related Posts


Listen to the sales podcast for SMEs Subscribe to the podcast on iTunes


If looking to boost your businesses performance with promotional marketing, travel incentives or incentive schemes get it touch with NDL Group