At Andrew Wright & Co. we can help businesses in the Wakefield area with cash flow and avoiding bad debts. Here are some tips…

Bad debtors can be very dangerous for new and expanding businesses, having a damaging impact on cash flow.

Here are 10 tips for avoiding bad debts:

  1. Obtain a credit reference on the organisation that you intend to trade with
  2. Avoid doing business with companies whose credit rating is poor
  3. Ensure that the other company knows your payment terms at the outset
  4. Invoice at the earliest opportunity
  5. State the payment terms clearly on your invoice
  6. If payment is not received by the due date, send a reminder as soon as possible, and certainly no longer than one week after the due date. It is good practice to have a policy to chase the debt after a fixed number of days following the due date
  7. If there is still no response, chase up the debt by telephone. This will enable you to determine whether there are any queries on the invoice and, if not, to discuss a date for the settlement
  8. Write to confirm the agreed settlement date and send by fax or post
  9. State clearly that the matter will be referred (after the agreed extended period) to either:
    • A debt collection agency
    • A firm of solicitors, or
    • The county court small claims department
  10. If the debt is still due after this, keep your word and take action

If you are in the Wakefield area and would like help with cash flow and avoiding bad debts, contact Andrew Wright & Co..

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Contact Us

Please call:
01924 379479

Address
Andrew Wright & Co., 10 Cliff Parade, Wakefield, West Yorkshire WF1 2TA


In the UK the term accountant is not protected by law, therefore anyone can call themselves an accountant. Being an ACCA member firm means that you can have confidence that we are qualified to handle your finances, help your business grow and that we are regulated by the leading accountancy body in the world. The ACCA Qualification provides a wide-ranging skill-set, which means we are trained to provide both strategic and operational input and adapt quickly to your changing management accounting needs.

Unqualified persons who have trained for book-keeping or tax only simply aren't able to provide these other services as their skillset is too narrow.

Andrew Wright & Co is a trading style of Andrew Wright & Co Limited. Registered in England and Wales: 10641250. Registered office: 10 Cliff Parade, Wakefield, West Yorkshire, United Kingdom, WF1 2TA.