AccountingWEB members offer their top tips on how businesses and accountancy practices should deal with and prevent bad debts.
Following research showing that HMRC is increasingly using winding up petitions as part of its debt collection offensive, we asked AccountingWEB members how they manage bad debt. This article draws together their words of wisdom.
Several members believe key to preventing bad debts is maintaining a good relationship with clients. We like to think that we are not just providing them with accountancy or tax services, we are being friendly also, says John Day. Threatening court action (in 16 years of practice we have only ever once threatened a client with county court action) goes against that philosophy and I think it's terribly sad that som...