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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. ... »