Credit Control is vital for your business because it:
- Maintains Cash Flow: Ensures that customers pay on time, keeping your cash flow healthy.
- Minimises Bad Debt: Helps reduce the risk of unpaid invoices and bad debts.
- Preserves Profit Margins: Ensures that sales revenue turns into actual cash, preserving profitability.
- Risk Management: Evaluates and manages the creditworthiness of customers to reduce default risk.
- Customer Relationships: Balances credit policies with customer satisfaction to maintain goodwill.
- Working Capital Management: Optimises the use of working capital by collecting debts promptly.
- Forecasting: Provides data for accurate revenue and cash flow forecasting.
- Legal Compliance: Ensures your credit practices adhere to legal and regulatory requirements.
- Business Growth: Supports business growth by providing a stable financial foundation.
- Financial Stability: Contributes to overall financial stability and long-term sustainability.
In summary, credit control is vital for maintaining cash flow, reducing bad debt, and managing risk, which ultimately supports your business's profitability, growth, and financial stability.
Packages
Bookkeeping Support
from £350 pm ex VAT
Management accounts
from £500 pm ex VAT
Credit Control only
On Assessment
Xero Certified Training
£75 per hour ex VAT