Could Your Small Business Be Owed Money?

Running a small business is a labour of love, right? This is even more the case when you are pouring your heart and soul into creating handmade products for your customers, and making sure that every order is packed with care, and every message to a customer is carefully handwritten. So, it can often be the case that you end up not making quite as much money as you could, or finding that there are some months that you struggle more than usual. It’s really easy for money that is owed to slip through your fingers because you’re focusing more on your products and your customers than your spreadsheets and bank balances, right?

Well, if that’s the case, then it could well be that your business is owed money from one or more sources, so below, we’ll take a look at some of the most common and often overlooked ways your small business could be owed money, and what you could do to get it back.

1. Unpaid or Overlooked Invoices

Everyone who runs a small business has been there. You send an invoice, then…nothing. Sometimes invoices slip through the cracks, especially when you’re juggling stock, social media, markets and supplier orders. Regularly reviewing outstanding invoices, sending friendly reminders, and setting clear payment terms can help. You might be surprised how much is waiting to be collected once you take a moment to chase it.

 2. Supplier Rebates and Credits

Many small business owners focus on selling but forget to check their supplier agreements in detail. Did you order enough materials to qualify for a volume rebate? Are there credits on your account waiting to be applied? Speak to your suppliers and review your statements because any unapplied discounts or credits are essentially money owed to you.

3. Overpaid Bills

It’s easy to assume bills are always correct, especially if you’re busy. But mistakes happen. You might have been overcharged on energy, internet or even software subscriptions you no longer use. A quick audit of your regular payments can reveal refunds or credits you didn’t know about, and every little helps, right?

4. Tax Overpayments or Refunds

Your accountant or bookkeeper can help you review your VAT returns, corporation tax and PAYE contributions to see if you’ve overpaid. Sometimes errors or changes in business circumstances mean HMRC owes you money.  It’s well worth checking, especially if your accounts haven’t been reviewed recently.

5. Car Related Refunds

Many small businesses use vehicles for deliveries, markets or client visits. If you’ve purchased vehicles through finance deals like PCP (Personal Contract Purchase), here’s a chance you could be owed money. Some historic PCP agreements were mis-sold or included undisclosed commissions, meaning you might be due a refund, so look into PCP claims and see if you could be eligible. It’s totally free to do, and fast too, so there’s no reason not to look into it.

6. Insurance Refunds

Did you change your business insurance mid-term or reduce the level of coverage? You might be entitled to a partial refund. Insurance documents can be tricky to interpret, so it’s always worth contacting your provider to ask if any refunds are due.

This money could be owed to you, and since it’s yours, you’d be foolish not to try and get it back to boost your bottom line, so what’s stopping you?