Credit Control is an integral part of running a successful business. Therefore, it’s important your credit control procedures are effective.
You should know when invoices are sent and when each account is due to be paid. A system should also be put in place to know when to call up chasing payments.
Benefits of good credit control:
· Cash flow issues are minimised
· Your relationships with customers are maintained
· Saves you time and money
What happens if credit control isn’t done well or not at all?
· Cashflow decreases to the point you may be unable to financially manage your business
· You may have to use debt recovery services, costing time and money- Even then you could still not get paid!
· It could result in the insolvency of your business
If you don’t have the time to sort out your credit control, you can outsource it! You will notice the difference in your cashflow.
If you are having trouble with overdue invoices contact The Edwards Company, we have extensive experience in credit control. To reduce your aged debt contact us at [email protected] or call 01384 626 313.