Large businesses and organisations need to manage income and outgoings carefully:
Large businesses and organisations need to manage income and outgoings carefully. If your customers do not pay you on time, this can gradually erode the business and its profits.
Sustain cashflow for a successful business:
- set up good credit control procedures;
- deal with disputes and queries immediately in order to get payment in by its due date;
- understand late payment law; and
- take further action to get payment where necessary.
Good credit control procedures
Good credit control will help to keep your cash flowing and quickly reduce the number of customer queries. Chasing payments that are due will also help to reduce the number of debts that arise. If you leave things too long, you may well miss the boat. Cash flow is critical to keep borrowing to a minimum and for a thriving business. Most customers will expect you to chase them if they are overdue!
Gravity Credit Control can help you manage your credit control department, get in touch with us on 01905 700170