Business telephone systems

8 Easy Ways To Improved Credit Control Posted By: Tim Bishop

By admin • December 19th, 2009

According to recent research, approximately 1 in every 4 businesses will go into insolvency each year, largely as a result of late payment of invoices. Smaller-sized firms can be especially vulnerable to this – estimates show that they can be owed an average of AND #163;30,000 at any time. Regardless of the size of your business, you can’t afford not to take credit control very seriously, especially when considered in terms of today’s economic difficulties. Read on for some handy hints to help you keep your cash flowing.

1. Make your terms clear. Agree payment terms at the order stage and have those terms printed on relevant documents such as invoices. Terms should include any credit period and details of interest charges on overdue accounts. Don’t forget all businesses have a legal right to claim interest from late paying customers. AND #8232;

2. Think about having credit checks performed on large prospective customers. An online credit rating can be on your desk in minutes and cost from AND #163;10 upwards. Consider taking up credit references. AND #8232;

3. Make your invoice clear.

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