In the Comments on the CTMfile item on ‘Late payment is costing UK’s SMEs £11bn a year’, see, Brian Shanahan, Informita’s MD, listed the questions he asks at the start of any contract he undertakes:

• where and how should I send and invoice?
• what information must be displayed on that invoice?
• is a PO number required and how should I obtain a PO number?
• what is your VAT number? (For EU customers)

Then on the invoice he recommends that SMEs should always:

• make sure the invoice adds up correctly
• state the payment term clearly and boldly on the invoice
• include your bank details so that you will get electronic payment

He explains, “I know all this sounds very simple (and it is) but these are common errors that people make that make it difficult for the large corporate with inconsistent but rigid processes to pay small suppliers. I am not trying to defend big corporates, but trying to emphasize the things that SMEs can do to help themselves.”

Informita have followed these rules rigidly and he has “only had one invoice paid late in the last three years.”

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CTMfile take: In payables and receivables these are the crucial details that matter. These are the details that every large corporate should give out, AND every SME should ask for. Infomita’s collections record must be the envy of millions of SMEs.