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By: - 10th April 2012 at 22:59 Permalink - Edited 1st January 1970 at 01:00
I used to work for a large corporation that used to build aeroplanes. They were notorious for not paying bills until the final demand came in. The finance people didn't seem to care what effect their actions had on the suppliers. Having said that, the small companies kept coming as the business was worth a lot to them.
By: - 10th April 2012 at 23:10 Permalink - Edited 1st January 1970 at 01:00
Just took a £10,000 hit within the last month
A small - medium sized company that had always been slow payers, but always paid up eventually.
Well I thought it would be always. :mad:
Moggy
By: - 11th April 2012 at 03:27 Permalink - Edited 1st January 1970 at 01:00
They obviously think they are clever getting free credit and hoping you might even forget about the payment. Money is important in a business, but so is trust. Seems the people coming out of a Uni with a Business degree seem to learn about the money, but not about how to work with suppliers and customers.
By: - 11th April 2012 at 08:20 Permalink - Edited 1st January 1970 at 01:00
Always work on a written quote.
Specify, with the terms and conditions in writing on that quote, that interest will be payable on overdue accounts at 2% per month compounding.
Ensure that the quote is signed and a copy returned to you before you proceed with the work.
Do not hesitate to charge the interest if they are overdue.
By: - 11th April 2012 at 09:06 Permalink - Edited 1st January 1970 at 01:00
Did a job for a large corporate company, they were well happy with the results and as they asked for the invoice before the job took place, never crossed my mind the problems I have had since. Normally I would take money up front but as they were a big company, I let it slide.:rolleyes:Invoice went in 10th February, job done 14th/15th February, was told 'put invoice into accounts today (10 days later) and may take up to 30 days to clear'
57 days later still nothing.:mad:
Why is it, small businesses/companies have always paid within a reasonable time span but, large ones always appear to mess you about?
Won't happen again.
You know where I work ....;) accounts payable was "offshored" a while ago and they are taking 50, 60 days etc to pay. Chasers sent to middle management like me can only be sent on to an e-mail address, we have no escalation, follow up etc - to keep our costs down. With IT support outsourced, a/c payable, HR is next and we get bogged down doing bits of everything, most of which I know nothing about. If anything like my place, its on a list somewhere awaiting payment and any chasers are given a "case number" but not much else.
By: - 11th April 2012 at 10:28 Permalink - Edited 1st January 1970 at 01:00
I've got a friend who does a lot of web work for large clients, has a clause in that adds compound interest for every late day of payment and makes sure it is in any contract that is signed up front before any job.
Does seem to be from my experience the bigger the company the less they are willing to pay and the later they pay.
By: - 12th April 2012 at 12:29 Permalink - Edited 1st January 1970 at 01:00
My sisters lads friend is a dry stone waller, and he did a job for a farmer in the lakes and the guy would just not pay up, it went on for six months, so my sisters lad and his mate went over one evening and knocked down the walls they had rebuilt, the farmer then had to pay cash up front for the previous work and the work to get his walls rebuilt, word had got around and no one else was willing to touch him.
After that he never had a problem getting paid by him.
Posts: 2,766
By: spitfireman - 10th April 2012 at 22:47
Did a job for a large corporate company, they were well happy with the results and as they asked for the invoice before the job took place, never crossed my mind the problems I have had since. Normally I would take money up front but as they were a big company, I let it slide.:rolleyes:
Invoice went in 10th February, job done 14th/15th February, was told 'put invoice into accounts today (10 days later) and may take up to 30 days to clear'
57 days later still nothing.:mad:
Why is it, small businesses/companies have always paid within a reasonable time span but, large ones always appear to mess you about?
Won't happen again.