Here’s a checklist to help you determine how well your credit and debtor management processes stack up?
Approval of Work
- We always ensure that we have the appropriate customer approval for service performed and/or product bought
Knowledge of Debtor
- We have full knowledge about the individual or company we are giving credit to
Terms of Engagement
- We have clear terms and conditions on our sales contracts which include expectations for customer payment.
- Our customers are aware of consequences for late or non-payment
Invoicing and Payment
- We raise sales invoices promptly after completion of work.
- We encourage sales on the day and offer various payment options to assist this process
- We are aware and utilise cloud based debtor management system to assist with debt collection
- We have a clear process to follow up outstanding or disputed debts.
- We utilise a professional, full service debt collection firm when accounts are over 60-90 days (or earlier according to your terms) or to handle dispute resolution.