Are you dreading chasing your clients for overdue invoices? Here’s some simple steps on what to do. No one enjoys chasing their clients for overdue invoices. The importance of cashflow running through any business whether it be a large PLC employing thousands of people or a Limited company with one Director is imperative to its survival….
Every business wants to earn money and make a profit, by offering quality goods and services to their clients and standing out from their competitors. It makes good business sense to then invest this profit back into the business, so they can provide more a comprehensive list of services & offer or manufacture better products…
There is a popular misconception that the Credit Control Department is “anti-sales” and they will try to create barriers towards the sales effort wherever possible. This “Sales v’s Credit” attitude is wrong and can only be removed by strong personal relationships and education of the sales staff that a sale is not a sale unless…
The telephone can be a very powerful tool and without question is the most effective method of collecting outstanding debts, but you must consider the time element involved in calling everyone in your customer base. Ask yourself two questions – Based on the answer to these questions, you can structure your overall approach to the…
The second part of our series looks at the final stages of payment reminders. 3. Example of Deteriorating Payments Letter To be sent when payments from a previously prompt-paying customer have started to deteriorate. Dear Amount overdue: Invoice No: Date: Payment terms: Credit limit: Account: You have in the past settled your account promptly but…
Many companies are afraid in the current economic climate to chase their clients for money in fear they may lose them to a competitor. Please remember we are all working to make money and a good customer is a paying customer. If you have issued an invoice and one of your clients has not paid…
This is something I am always banging about in my line of work. Many of your customers will prefer to do business on credit and most will likely insist that you extend credit terms. Under the best of circumstances, it’s unlikely that they’ll all pay on time. By establishing and enforcing smart credit policies your…
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