Credit Control Is More Than Just Calling When An Invoice Is Overdue
All businesses suffer with cash flow problems from time to time, but it’s often the smaller ones that are hit the hardest. They don’t have the expertise for effective Credit Control and don’t want to have to budget or make space for additional staff to do this either.
There is a common misconception that Credit Control means chasing customers that haven’t paid, and so business owners take on the ‘debt collector’ role – A frustrating one that leads to “I haven’t received that invoice” or “Our customer hasn’t paid us yet”, or perhaps pleas of ignorance “We thought we had longer payment terms”. All of which prolongs payment even further, or worse leaves them feeling it won’t be paid at all.
Frustrated and low on cash business owners then turn to collection agencies. A sound theory, they know what they’re doing right? They’ll get the money in. But at what cost? Obviously a small financial one, but that’s not really what we’re talking about here. The more significant cost is the loss of relationship, loss of future business and possible loss of reputation. What if the customer really did mislay the invoice 3 times? What if there are other underlying issues that could have been resolved if the right questions were asked?
Credit Control is more than just calling when an invoice is overdue, it’s building a relationship and speaking to customers regularly to ensure when it comes to pay day, there are no reasons why your invoice is not the first one on their list.
For a set hourly fee, we provide the solution for businesses nationwide. We use our expertise to put in place and run bespoke processes and do this as a direct representative of your company. You keep your reputation, you build your relationships and you ensure your cash-flow keeps flowing.