The Cheque Run round about 25 October 2016

If you supply goods or services to a large company, then they will expect you to give credit, and they will expect your terms to be something like “30 days or net monthly account”. This means that you expect an invoice issued in September 2016 to be settled by 31 October 2016. Typically a large company will do a computerised cheque run between the 24th and the 26th of the month, and they will want you to have sent a statement at the start of the month listing all invoices outstanding from the previous month, so several invoices can be settled with one big payment. Small companies which do not operate a system like this should pay you within 30 days. If you do give credit, you might like to have a discussion with accountants like us. We are general business advisors as well as preparers of accounts and tax returns.