Insight Associates provide outsourced accounting and Finance Director services to ambitious and growing businesses. We work as your only resource or with existing staff to give you complete financial support including monthly management accounts, high level financial advice, robust controls and financial systems, funding and business planning, payroll & compliance, VAT returns and statutory compliance.

Successful business leaders have all the information they need to make good decisions…Do You?

Tuesday, September 08, 2015

Do you take plastic?

People of a ‘certain age’ will remember popping in stores for an ‘impulse buy’ and, realising they had insufficient cash, would ask if the store took plastic? 

You see back in the day, before retailers wisened up to those missed sales opportunities, there wasn’t the automatic assumption that a store would give credit – hence the question.

Things have come a long way since then and the acceptance of credit/debit cards is expected in most retail outlets. 

In fact from January 2016 even if you do pay by cash your purchase may still be made using plastic with the introduction of the £5 Polymer bank note featuring the image of Winston Churchill. The Bank of England recently announced the next design of the £20 note will be plastic too.

Going back to credit, is giving credit a good thing? Well no, not necessarily!  Remember the old adage that a sale isn’t a sale until the money is in the bank, well that still stands. You don’t have to give credit. You can ask for payment, or part payment up front, you will be amazed at how many customers will pay.

Don’t lend your money to customers without first ensuring they’re good for it. Credit check and continue checking because circumstances do change.

If you’d like more tips then please do download our FREE e-booklet on Easy Exercises for Financial Fitness.

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Insight Associates, Insight House, Riverside Business Park, Stoney Common Road, Stansted Mountfitchet, Essex, CM24 8PL, UK
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