Research from Barclays has found that 58% of SMEs are currently experiencing cashflow issues because of unpaid invoices. That’s three in five businesses! With the ongoing challenge of increased utility costs and the general cost of living, late paying clients only adds to the stress of managing your cashflow. The odd invoice going overdue can be managed, but regular and multiple payments being missed can have a detrimental impact...
The latest company insolvency statistics have been released by The Insolvency Service, covering April to June 2022. Without much surprise, registered company insolvencies are on the increase. In fact, they are now higher than pre-pandemic levels. In Q2 2022, there were 5,629 company insolvencies. In Q4 2019 company insolvencies reached 4,284. The numbers in detail In Q1 2022, we saw company insolvencies start to increase, a natural...
Difficult trading conditions can occur at any time. What the UK is facing right now, off the back of a pandemic, is several worst-case scenarios happening at the same time. So, it’s understandable that business owners want to be cut a bit of slack. What’s happening? As we write this blog, UK inflation has risen to 9.4%. Costs for products and services are rising at their fastest rate for 40 years and in some industries, the...
We’re aware that the common assumption for needing advice from an insolvency practitioner is when your company is in financial difficulty and close to closure. A lot of the work we do revolves around helping businesses when circumstances aren’t the best and there’s pressure building from third parties like creditors, HMRC and the bank. That said, the work we do also helps business owners to plan the future of the company...
Running a business can be tough. Some companies will fail. And sometimes those failing companies will be one of your customers. When this happens, it can have a detrimental impact on your business, especially if you’re ill prepared. A cashflow forecast is built upon the assumption that every customer pays you in full and on time, and you’re aware of all bills and expenses as and when they fall due. In an ideal world, you have...
