Arrears
What is arrears?
An arrears is a sum of money that is due and has not been paid on time.
Arrears can be from different types of debt, such as a bill, a loan or a credit. It can also be from a customer or a contractual party who has not paid for a good or service that they have received.
Arrears can lead to financial problems for the person who owes the money, so it is important to get paid as soon as possible. If you don't pay your arrears, you risk getting listed in RCI.
Use our budget templates to keep a financial overview in your company, so you reduce the risk of having arrears or reach out to our coaches in that area.
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