The hardest thing in business is winning new work and getting a new client.
But it often feels that actually getting paid for the work you have done is a close second.
If you sell goods or services on credit, you are effectively giving your customers an interest free overdraft.
Managing this via good credit control procedures is critical. And the key to good credit control is accurate and up to date information.
- Request remittance advices from customers where required.
- Email customer statements on an agreed date each month.
- Issue a reminder email, on an agreed date, for any overdue invoices.
- Update your bank on our software on a weekly (or daily if required basis), to ensure that your debtors are as up to date as possible.
Provide you with a weekly Aged Debtor report and highlight any issues that we have identified.
Call your customers to request outstanding payments. Your relationship with your clients is the most important and most sensitive in your business. So this part of credit control will always be looked at on a case by case basis. Call us to discuss.