We’re always happy to talk about the benefits of credit control, as it’s an important way for businesses of all sizes to protect their revenues and profits. Trade credit is the lifeblood of the industry much bigger than bank lending and cash transactions and most businesses rely on this form of purchasing products. However it leaves the gates open for a business to go unpaid. A business running on credit relies on the customer keeping up payments promised to them in order to maintain their own cash flow. For any business contesting a will it is vital that they get paid, which is why it is worth employing an in house professional team to handle the finances.
Benefits of credit control
Sensible and systematic processes will, almost without exception, save time compared with an ad hoc approach to credit control. Don’t leave it down to change, or find yourself forever playing catch up get your procedures in place upfront and you’ll always be on top of things to a much greater extent.
Time is money, so cutting down on the amount of catching-up admin you have to do will have economic benefits too. But more than that, the more payments arrive promptly, the more funds you’ll have sitting in your account allowing you to invest in growth, avoid incurring late fees of your own, and generally prosper thanks to your healthier cash flow.