A free guide has been published to help firms save up to a third of their annual profits that is potentially being lost because of slow paying customers.
The new Credit Management Guide, from credit insurance and credit management specialist Atradius, has been launched to coincide with the end of the financial year when many UK companies will discover their profits are lower than expected, despite good sales.
Atradius says that profits are often eaten away by late paying customers. The company says that every day an invoice is overdue can cost a company thousands of pounds in lost credit interest, bank charges and interest payments.
However most companies focus on their orders books, so if their sales are good throughout the year, some firms might not even notice a problem with their profits until the auditors take a look at their books at the end of the financial year.
