credit control system

Credit Control System: Setting up

Mismanagement of cash flow is the single biggest reason that small businesses go under. Therefore, a good credit control system is an essential part of any business’ accounting procedures. Maintaining consistent cash flow, avoiding bad debt and minimising late payments are essential for survival. Use the following checklist to set up a credit control system. Things to do 1. Set up a detailed credit control system It must allow you to identify invoices that have been raised, sent to customers or paid. You must also be able to see which invoices need chasing up. Each customer must have a file with details such as: business name; business address; postal address for invoices; and a contact name and number for invoice enquiries. Train several people on your new credit control system and ... »