Credit Control

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  7. Credit Control

Credit control is one of the key functions in any business and covers the processes for:

  • Accepting new customers and communicating payment terms
  • Agreeing and monitoring credit limits
  • Reminding customers of forthcoming payments
  • Incentivising / encouraging customers to pay on time
  • Sending out statements
  • Putting customers on hold at the appropriate time
  • Chasing overdue debts
  • Taking legal action for recovery at the appropriate time

An efficient, robust credit control system will have the following, positive impacts on your business:

a) Reduce debtors and increase cash
b) Reduce bad debts
c) Put you at the front of the queue when customers make payment runs
d) Show your customers you are organised, professional and efficient
e) Reduce the amount of time spent chasing late payments

We can help improve your credit control systems in the following ways:

  • Training for the individuals responsible for credit control
  • Credit checking (and tracking) your customers
  • Outsourced credit control (particularly easy if you use an on-line accounts system)
  • Systems audits

If collecting money on time is an issue for your business, call 360.