Better Payment Practice Group Provides Small Businesses with a Guide to Good Credit Management

The Better Payment Practice Group (BPPG), in partnership with credit management specialists, Credico, is now offering a free guide for small businesses, designed to help both suppliers and buyers with late payment issues.

The Guide provides advice on how to credit vet customers, manage credit risk and collect payments promptly. It also offers information on the Late Payment of Commercial Debts (Interest) Act 1998, which currently allows small businesses to claim interest on bills paid late, and provides readers with a useful list of support services and publications.

The Guide is part of the BPPG’s year-long ‘Collect the Cash’ campaign to provide information to small businesses on the techniques of credit management and the business benefits of controlling trade credit and getting invoices settled promptly.
Douglas Godden, Head of Economic Policy and Enterprise Group at the CBI and member of the Better Payment Practice Group, commented: “The Better Payment Practice Guide is an important step on the road to changing payment culture in the UK.”
“There is no doubt that we have made clear progress in improving the payment culture in this country, however, there is more to be done. I am confident that the work of the Better Payment Practice Group will continue to play an important part in improving credit management in the UK.”
David Mullen, Director of Credico and sponsor of the Guide, added: “Half of all insolvencies are due to weaknesses in financial and management skills which hinder effective credit control. When you also consider that the highest incidences of insolvency are in companies with a turnover less than £5 million, it is obvious that this Guide will be extremely valuable for all businesses, particularly SMEs.”

The new Better Payment Practice Guide is available from the DTI Publications Unit on 0870 150 2500 and can be viewed on this web site by clicking here.

You can keep up to date with the Better Payment Practice Campaign by sending us an email