The global marketplace needs late invoice reporting standards.
Late payments are common, so common in fact, that they have almost become a standard in many industries that incorporate credit terms.
But this isn’t a standard to be proud of, certainly not one that should be perpetuated.
Unpaid invoices are not cool.
Neither are they hot. They are sad and disappointing.
Your sales figures could be going through the roof and your business could still be cash poor.
As if running a business didn’t come with enough things to worry about. You will worry about when your customers will actually pay.
Late or unpaid invoices can make or break a business. After all, how can anyone meet their expenses when the cash stops coming in?
Late and unpaid invoices have existed for years. Lots of people and organisations have tried to rid the global marketplace of them.
Some have even made progress. However, they are far from gone. The core issue with late payments is that the businesses who are guilty of not paying on time do not seem to see what is wrong with it. They refuse to acknowledge their moral, and sometimes legal responsibility to honour their commitments and pay who they owe in full and on time.
The Business Disputes Register estimates that more than 30% of all invoices are not paid on time in the UK alone. This means that a third of your potential cash flow is at risk of getting to you late, or not at all.
Businesses hardly have any cover to compensate for cash flow issues, most of them would go out of business if a third of their cash flow suddenly disappeared.
Getting people to recognise that what they are doing is ethically wrong and morally reprehensible is one thing. Getting them to actually make good on their past commitments is another challenge altogether. And getting them to pay what they owe? Well, we think you have a good idea of how difficult that is.
But we knew how challenging this would be before we created brodmin. We also know that we would never be able to do this on our own. brodmin’s strengths are its users. With your help, and of thousands of others from around the world, we hope to take this challenge head on.
It is well known that larger corporations are slower than companies of a smaller size when making payments. Going up against the big boys has never been easy for small and medium-sized businesses. The UK Government tried, unsuccessfully, to get around 7,000 large corporations to publish and share statistics that talk about their payment performance.
If a Government-mandated disclosure initiative is having little to no results, then getting companies to actually pay their invoices on time might be more difficult than we imagined.
Not paying on time or not paying at all is a global problem. Larger companies do take longer to pay but smaller companies also withhold payments for a variety of reasons. Litigation and debt collection cost a lot in terms of time and money.
The solution is to make this process efficient, and most importantly free. The solution is a global directory that is supported by businesses of all kinds from all over.
The solution is to leverage the small doing of the many towards building a collective pressure on poorly reputed companies to start paying what they owe. The solution is brodmin.
Why use brodmin?
Did you know that almost a third of all small and medium-sized businesses experience severe disruptions, sometimes averaging £10,000 or more, per year. This is an alarming statistic. So alarming that we shouldn’t just ignore it.
We believe in improving the ease of doing business throughout the world. With several challenges facing business owners today, we believe that not getting paid on time should not be one of them. brodmin was created to help business owners report late payers from all over the world to help themselves, and each other, by knowing who not to work with.
How can late payment invoice reports help you?
Well, to start with, they could help you get the money that you are owed. We believe that is what most business owners are concerned about.
And why shouldn’t they be? Late payments and unpaid payments plague one out of every three businesses out there.
But they can also help if you are on the receiving end of a debt as your online reputation may be very important to you and knowing what your current and past vendors think of you might help you plan better for the future.
As a creditor.
As a debtor.
What about anonymity?
Even though we have mentioned earlier the many benefits of reporting your unpaid and late invoices, a number of those are only possible if you allow other businesses to contact you.
However, if you do not want to be contacted, you can choose to remain completely anonymous and we won’t share your details with anyone.
You will be able to report invoices with complete peace of mind at brodmin.
Ready to get started?
Report your first invoice here.
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