Here at Nelson-Singleton Solicitors we estimate that over 50% of accounts owed to a small business are paid late. This means that around half of the money that should be coming to you now is currently sat in someone else's bank account. Late payments can affect cash flow, ultimately eating into your profits and can also make it difficult for you to meet your own trading debts. Ultimately, a failure to collect payments promptly may even threaten the survival of your business.
No business can afford to be without an effective system to monitor and maximise cash flow. Most firms now recognise that their credit controllers play such a vital role and the importance of chasing overdue invoices consistently, regularly and firmly. Regardless of how good your credit control system is, there are always going to be debtors who simply won't pay, in these circumstances it is going to be necessary to take legal proceedings to recover what you are owed, this is where Nelson-Singleton Solicitors comes in.
Many debtors delay payment until they are faced with the threat of legal action. Often a letter sent by Nelson-Singleton Solicitors making a threat of legal action is all that is needed to persuade the debtor to pay. If this doesn't result in payment then we will discuss the next stages in the process with you. At your free initial consultation we will explain the various types of legal proceedings that are available and the fees involved. We will also encourage you to find out as much as possible about the debtor's financial standings before legal action commences, after all there is no point spending money in suing someone who can't pay you anyway. The financial position of your debtor is as important as the strength of the legal case against them.
At Nelson-Singleton Solicitors we can and should become an integral part of your company's control and debt collection operations. Our experienced team have the legal and commercial expertise that can add considerable value to your business, it is a relationship that's worth developing. So do your bottom line a favour and contact Nelson-Singleton Solicitors today, we have offices in Dromore and Markethill.