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It is a wide spread misconception that credit management is solely based around the collection of overdue invoices, when in fact the scope of effective credit management encompasses the entire process from order to payment. Anything that happens before payment is received can impact a company’s ability to get paid. To reduce your risk of […]
Get Help and Support at a manageable cost. We have recently relaunched our popular Credit Management Support Service to include more of the services you need. Our experience will enable you to have the best of both worlds. We provide a service that incorporates the efficiency and professionalism of a large corporation, along with the […]
Having an effective credit management function is vital to any business in maintaining and improving cash flow, as well as reducing a business’ risk to bad debt. There are many different elements to credit management that will all play a role in how effective it is, here are a few tips on how to improve […]
Using the credit management tools available to you effectively can greatly increase your chances of getting paid more quickly. Making small changes to your collection strategy to incorporate all tools at your disposal can make a big impact on your collection performance. Improving your use of credit management tools Invoice Ensure that your invoices: Are […]
Late payment and poor payment practices are not issues that are isolated to a particular industry, these issues will affect businesses across all industries throughout the UK and worldwide. However, certain industries tend to be more susceptible to specific issues that result in delayed payment. For recruitment companies, issues such as ‘behind your back’ or […]
Issues for cash flow in recruitment SMEs within the UK are owed billions in late payments; this is an issue that is affecting all industries, in businesses of all sizes and is likely to continue for as long as businesses continue to provide credit. Recruitment companies are particularly prone to issues regarding late payment and […]
Welcome to our June Credit Management News blog. We have given you snippets of the latest topics that we hope are of interest to you and provide information to help with your business. If there is anything you would like to see more of in our round ups let us know: CREDIT MANAGEMENT SMEs struggling […]
Throughout my years in commercial credit management, I have identified several mistakes that companies make within their order to cash process; mistakes that are often very small and easily fixed; make enough of them, however, and you could find your cash flow isn’t flowing the way you would like it to. Mistakes in Commercial Credit […]
Charging late payment interest on overdue invoices can be a great form of leverage to get you paid quicker. You are entitled to start adding interest from the first day it falls overdue, but many companies will be wary of using this as a tactic as the downside is damaging a customer relationship, so when […]
Question One: We have a customer who refuses to accept payment by Direct Debit and wants to pay by Standing order. We have said we will agree if we can add a £15 per month charge onto their account if their account goes into arrears to cover us for the additional admin of chasing payment. […]