credit management

6 Tips for Credit Management

6 Tips for Credit Management

You sell a product or provide a service to a customer, invoice them and hope to receive the funds in a set period of time, say 30, 60 or even 90 days. That’s just how business works nowadays. In principle, though this piles up your sales ledger with unpaid invoices, you do not actually receive any income at the point of sale. With the slow economy having hit everyone’s pockets, the frustrating truth is that many customers would rather delay payment unless continually reminded. It is important for business owners to be on the chase in a bid to recover their funds. Afterall, you kept to your side of the agreement so your customers should stick to theirs and complete payment for their invoices. Chasing debts is a disciplined approach to seeing the cash continuing to flow into the bank. ... »

Peter Mandelson

Business groups welcome SME Survival Package

Business groups have welcomed the Government’s package of measures to help small firms survive the economic slowdown. The support package, unveiled by recently appointed Business Secretary Peter Mandelson, focuses mainly on preserving cashflow and access to finance for SMEs. The support includes a commitment to get government bodies, such as NHS trusts, local authorities and other public sector employers, to pay SME contractors within ten days, rather than the current 30. This ten day pledge takes immediate effect within central government departments. The Government is also offering free financial guidance for businesses from the Institute of Credit Management on invoice chasing, debt management and credit insurance, and has launched a £350 million training fund to help small ... »