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Invoices

Small Businesses Are Confident About 2024

The Federation of Small Businesses reported that, for the 4th quarter of 2023, 40% of small businesses reported a fall in revenue, and confidence had also plummeted. Which makes it more surprising that, according to research by three separate organisations, optimism is high among small businesses for 2024. Expectations for Growth in Turnover In a recent poll by lender Iwoca, 47% of small businesses were expecting an
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Are IVAs Being Mis-sold? The Insolvency Service Investigates

An IVA (individual voluntary agreement) can be an invaluable resource for any individual person facing mounting debt. It offers the chance to protect yourself against action by creditors, and to structure repayments in an affordable way. However, like any financial product, there’s the potential for abuse. The Insolvency Service has announced that it’s investigating whether IVAs are being mis-sold. What i
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Late Payments — What Difference Will the Autumn Statement Make?

Small businesses doing business with giant corporations have traditionally had no choice but to put up with accepting the customer’s payment terms — sometimes having to wait months before getting their money. This can leave their cashflow in a dangerous condition, even threatening their ability to continue trading. The Chancellor’s Autumn Statement, on 22nd November, addressed this issue. The measures he
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Pay Attention to a Company’s Cash Flow Before Making a Decision

There are various reasons why you might need to examine another company’s books. You should certainly do so if you’re considering investing in the business, but you may also want to get a better idea of their finances before offering credit. But what should you be looking for? Turnover? Profit? Or is it better to look at cash flow? Why Is Cash Flow Important? Profit and turnover each give only a very partial picture
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Good News and Bad News for International Business

During the pandemic, SMEs worldwide assumed this was as bad as it got, and by this time things would have improved. In fact, 2023 seems to be even worse than the height of lockdown — in fact, the worst the economy has been since 2008. Strangely, though, this doesn’t appear to be causing gloom among business owners. A recent survey suggested that the vast majority of SMEs in the international business community are op
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Buy Now Pay Later — Flexibility or Debt Trap?

Buy Now Pay Later (BNPL) has grown massively over recent years, with options to defer payment being offered for everything from clothing to groceries. Used responsibly, this can be an effective method of obtaining credit to give flexibility in budgeting. However, it can also lead consumers into spiralling debt. The government promised to introduce regulation for the sector, but recent reports suggest they’re consider
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Administrations at Their Highest Since Before the Pandemic

During the Covid pandemic, surprisingly few companies went into administration. This was because a raft of government support measures, such as furlough and bounce-back loans, allowed struggling companies to survive. But this is over, now, and it’s showing, with new issues adding to the effect. The number of companies entering administration in March 2023 was the highest for three years. The Covid Effect on Administr
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SMEs and Open Banking — A Booming Combination

One of the major financial innovations of the past decade has been the rise of open banking. This term describes the use of open APIs (application programming interfaces) to allow users more control over their banking. While uptake has been limited among consumers, it’s proved popular with SMEs. Recent research has shown more than 750,000 SMEs using it in the UK. What Is Open Banking? Open banking is the general term
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A Crisis in Late Payments to SMEs

Are you being held back by cash flow problems caused by late payment of invoices? You’re not alone. A recent report by Time Finance found that SMEs are owed an average of about a quarter of a million pounds in outstanding invoices. At the same time, the Federation of Small Businesses (FSB) has reported that 52% of small businesses have experienced late payments. Are you among these? And, if so, what can you do about
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Debt Help Enquiries Soar Due to Cost-of-Living Crisis

The cost of living crisis is hitting people in a wide variety of ways, and recent research has illustrated another. In the twelve months since January 2022, the number of people seeking help with their debts has increased more than threefold — and most cite rising prices as the main reason. The Rise in Debt Enquiries A survey was carried out by debt advisor MoneyPlus Advice, after they saw initial enquiries rise by 3
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