Because we have been in your shoes. Sat at a similar desk and faced the same pressures and deadlines, we know it can be difficult to concentrate time and energy into credit management. Month ends seem to come around faster.
Tasks that are urgent but not the most important can in a lot of cases distract you from the primary responsibility of a credit manager.
Our team have been involved in credit management and debt recovery for over 30 years. In fact, we have spent all of our professional working lives as credit professionals.
Managing a debtor book requires care, dedication and commitment not to mention vigilance. Experience has shown us the bitter reality of what can happen to a business that has not invested in the management of the debtor book.
Your business needs money to grow. Obviously, over extending credit to customers puts the money in their bank not yours.
What happens when a customer big or small lets you down by not paying their account?
Demand letters are an excellent way of escalating the actions against debtors who are ignoring your requests for payment.
The liquidation of a company can have a huge impact on the shareholders, employees, customers and creditors.
This plan will probably be the most important action your business has ever undertaken. Restarting your business after lockdown requires all hands on deck. Your credit management team will play a vital role in the success of the plan....
Do you track your overall debtor numbers based on DSO (Days Sales Outstanding) or Ledger Ratios (% in various stages of ageing relative to the total balance) or just simply % of total debtors which is overdue. Irrespective of which way you track your debtors here are 10 tips which will help keep your debtors numbers heading in the right direction....
A Debtor Plan asks all of the questions of the stakeholders affecting cash flow....
