Getting paid on time

Research statistics continue to show that small businesses struggle to be paid within their payment terms and the average amount of overdue days continues to grow. So what can you do to improve your credit control and get paid quicker?

Know your customer before and during the relationship, with credit checks and intelligence, but don't get too close as some lean on that level of relationship

Define and set your credit limits, ensuring they are respected by the finance AND sales team

Know your customers authorisation process and check your invoice is being processed as expected

Have timely and accurate management information showing your debtors position

Be assertive with your debt collection policy and do not miss one of the letters, telephone calls or warnings that you propose to send

Identify the early warning signs, such as knowing the payment excuses such as no one here to sign the cheque, need to discuss with ....

Make use of the Late payment of commercial debt act and apply interest to overdue payments