Credit Control – Stress and Anxiety you don’t need!
Managing payments from your customers can be an art – how do you get the cash in without damaging the business relationship from late payers? Cashflow is the lifeline of any business, profitable business can fail due to cashflow. The stress of wondering if the cash receipts will arrive in before the payroll is due can have detrimental impact on personal health, relationships, and overall wellbeing. SME’s are more affected by cashflow then the medium / large companies.
Many companies are finding these Covid times very challenging and with the Government supports coming to an end for many, it is important that your customers have you on their payment list.
Is there an easy solution?
Standardize your methods
- Bill at the same time every month
- Follow up before payment is due to ensure no problems
- Issue statements same time every month
Automate as much as possible
- Direct Debit payments where possible
- Auto generated reminders
When managing credit control know your customers, know their payment procedures. If they have special requirements (PO numbers, copies of work dockets etc.) to move the invoice through the system make sure theses are met, thereby removing delays in approval.
Outsource to the experts
√ If the credit management is overwhelming or you don’t have the in-house resources for the task.
√ If your time is being lost chasing payments, stopping you from focusing on growing your business.
Your business may benefit from outsourcing to a credit management company like us.
Contact us to find out how we can help you!