Chasing and collection of overdue invoices or payments

Chasing and collection of overdue invoices or payments

Cash is the lifeblood of any business, so the timely presentation and collection of invoices is critical for cash flow.

At Haggards Crowther we offer a dedicated credit control service to new and existing clients. Based at our offices in Parson’s Green our highly experienced credit control team can assist you with the chasing and collection of overdue invoices or payments and provide advice to you on any of your collections queries.

What is Credit Control?

In simple terms, Credit Control is making sure that you get paid for the work that you do. It should be regarded as one of your business’s key tasks, as it plays a significant role in your company’s cash flow.

Why is it so important?

Cash flow is central to having a healthy business. If you do not collect funds you are owed, then it can have a significant impact on the day-to-day running of your business, meaning you may not be able to pay your own bills.

What can I do to ensure my customers are paying on time?

It can be difficult to ensure that your customers pay on time, as largely it is out of your hands. However, by invoicing quickly and accurately, resolving any invoice queries quickly, and by calling any large invoices a couple of days before the due date to check there is no hold up, you can increase your chances of being paid on time.

Hints and tips for great credit control:

  • Invoice quickly, and accurately
  • Identify potential bad debtors early, and review your debtors list regularly
  • Chase your debtors regularly, set clear deadlines, and document all correspondence
  • Always ask for payment in full, but be prepared to negotiate a payment plan if necessary
  • Maintain a positive relationship – thank your customers for payment, even if it’s late!

If you would like us to help you reduce your debtors and improve your cash flow, then please call the office on 020 7384 0920 or email mark@haggards.co.uk.

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