Strong credit management and control is crucial for a healthy cashflow and continued long-term business success.
Do you find that...
Payments from clients are often overdue?
Sales are good, but you're always near your overdraft limit?
You're constantly chasing payments from clients?
If you answered yes to any of the above, you’ll benefit from our Credit control service package tailored to suit small e.g. one man, medium and large businesses budgets or individual requirement.
Accountancy Champs can help you:
Reduce the time taken for payments to be received
Improve your cashflow – meaning you have money in the bank when you need it
Establish strong credit control processes, which are implemented and accepted by the customer before a sale is made
Help you collect payments in an amicable and timely manner
By the way, you do pay your suppliers on time, don't you?
Effects of poor credit control are
You come under intense pressure from your bank and your creditors
Time is spent managing the bank and the Creditors which could be better spent growing the business
You have less money to re-invest in the business
Your profit is at much greater risk from bad debts
Your reputation can be dented and take a long time to recover
Our Solutions
Create a credit management policy and stick to it
Consider paying commissions based on clients paying rather than sales made
Ensure that both sales and finance staff are active in your credit management procedures
Stop selling to client that won’t pay in good time
Prevent is better than cure so try only to sell to good credit risks clients/customers and include payment terms in your terms & conditions
Give a chance to clients that you think are having temporary problems and can be valuable in the future
Benefits of good credit control
You'll have more money in the bank and fewer things to worry about
You control the bank and your suppliers, not the other way round
Business planning becomes easier
Investment funds for the future are available today
Profits will be higher and less at risk
Good credit management is not just important in a recession; it is a basic foundation for most businesses to be successful. From time to time you have to be tough with clients, but changing your market to avoid bad payers in the first place will be disproportionately useful in the long run
Sign up to our Credit control Service package for 12 months and get 20% off your bill.
