Credit Control News

Credit Control - Proactive Assistants

As part of our Bookkeeping Resource, we offer several of our clients the Credit Control service.  Only last week we encountered issues with a large company and the invoice going to the wrong department which resulted in a late payment.

So, I thought I would share my tips with you.

All businesses rely on getting paid on time to survive and thrive. Cash is King as they say, but small business owners often lack time to chase invoices and find this uncomfortable. Being one step removed we are very comfortable with the process. I find that a friendly and professional manner always gets the best results. Here are my top tips to make sure you have set up a process to follow for getting timely payments.

Top Tips.

  1. Credit check all new companies.
  2. Set credit limits and terms.
  3. Issue an agreement or contract at the outset.
  4. Set up a company procedure for Credit Control, this could include following up all invoices over a certain amount when sent to check safe receipt.
  5. Invoice on time to the correct person.
  6. State terms and payment options on your invoice and remember to include your Bank Details.
  7. Follow up before your payment is due to check your invoice has been received and is being processed.
  8. Check your payments regularly so you are aware of all payments due.
  9. Send a Statement with all outstanding invoices listed as a reminder payment is due and the date.
  10. Follow up on overdue payments with an email or phone call.
  11. Be persistent keep following up regularly and get a commitment of a date payment will be made.
  12. Continue to follow up until payment is received and consider using A Letter Before Action, solicitor or debt collection agency.

If we can be of any help with this service please get in touch on 07969199325.

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