26/10/2026
This week at LTG Accountants 💡
Late payments significantly threaten Small to Medium-Sized Enterprises (SMEs), costing the UK economy £11 billion annually. The government’s Commercial Payments Bill aims to introduce a 60-day cap on payment terms and empower the Small Business Commissioner. SMEs should enhance their collection processes by agreeing on clear payment terms, invoicing promptly, offering various payment options, conducting credit checks, and automating reminders. Strong relationships with customers and legal action may also be necessary. What strategies have you found effective in managing late payments? Leave a comment below! 💬