Services - Credit Control Services
It is human nature that many customers will not pay until they are reminded to. This is a tricky, stressful and often uncomfortable conversation to have but someone’s got to do it. Will it be you?
The truth is that the longer the debt remains unpaid, the more difficult it becomes to collect and the more at risk you are of being caught with a bad debt. For any business to stay in business, it is vital to keep an eye on cash flow issues and to minimise any potential bad debts. Credit control is a critical part of a well-managed business. Late payment is a major problem for a lot of businesses, but can be eased by putting credit control facilities in place.
If customers pay on time, the cash flow of the business is improved. This in turn would help to avoid the need to take loans or overdrafts and pay interest on them. If customers pay on time, suppliers can also be paid on time and this will improve the business’s credit terms. It is a chain reaction.
However, credit control is not just about collecting cash!
Before any credit is given, the customer should be thoroughly vet to ensure that they have the financial means to pay promptly. The customer should be supplied with effective and up to date credit terms which can be used to capture all the important details of a new client as well as be used against the client if they defaulted from the making payments as specified.
Good credit control is based on building relationships with customers and creating a rapport with them. Excellent customer service skills coupled with a methodical approach is required. Calling a customer to chase money requires the caller to be calm, confident, polite and professional. It can be difficult to deal with an irate customer and the caller could easily upset them making the situation worse.
We can assist by:
- Ensuring all customers are supplied by effective and up to date terms and conditions
- Ensuring credit application forms are completed by all clients at the start
- Producing Aged Debtor Reports
- Sending statements to all overdue accounts
- Calling customers to chase payment and documenting promised payment dates
- Sending reminder statements, if necessary
- Sending suspension notices if payment remains outstanding after reminders are sent
- Escalating continuous unpaid accounts to senior decision maker
- Placing unpaid accounts on hold, referring to debt collectors or issuing court proceeding
Bookkeeping |
Management Accounts |
VAT Returns |
Annual Return |
Every business has a legal obligation to keep records of their transactions. |
Most businesses are required to produce a set of accounts at least once per year |
VAT threshold then you may have to register for VAT. If this is the case then you will have to complete |
All limited companies in the UK must submit an Annual Return form (AR01) to Companies House every year. |
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Payroll Management |
Credit Control Services |
Administration duties |
Ad-Hoc Services |
Provide a truly comprehensive service and as such we handle all aspects of payroll for our clients. |
We use our business and commercial experience as well as our professional skills |
We use our business and commercial experience as well as our professional skills |
We use our business and commercial experience as well as our professional skills |
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