Keep up to date and let us get a handle of your credit control.
Effective credit control is one of the most important aspects to running a successful business. Without money coming in on time, your business’s cash flow will be affected and may not be able to make your payments on time.
What many businesses fail to realise is that the process of avoiding the problems of late payment and bad debt begins as soon as an order is placed. This is a critical process that starts with knowing your customers before you sell to them and only ends once you have been paid in full.
Taking a client to court to collect funds should be a last resort but do not be daunted, usually by showing your intent to take a non-payer to Court is enough to secure payment, but be sure of your facts, have you delivered the goods as promised?
We work alongside you to agree a smooth Credit Control process, escalating activity if the invoices remain unpaid. We can use Xero’s invoice reminder and statement functions, making those important phone calls if payments are missed. Or if you prefer a more personal approach, no problem, we can email using your accounts@ email account and agree a plan of monitoring and actions specific to your needs.
Whatever your Credit Control requirements, contact Finance Department for support and advice on 01392 495483 or firstname.lastname@example.org.
Do a Credit Check, this way you will know if you are likely to have a problem collecting debt before you start.
Set an appropriate credit limit and stick to it!
Ensure you have appropriate terms and conditions and payment terms are agreed before services/products are provided, issue the terms with each invoice or at least refer to the payment terms.
Know your late payers, use a traffic light system so you retain focus and don’t let payments drift.
Be polite, persistent but don’t apologise, they owe you after all.