Your company’s cash flow is important, and may become critical if anything unexpected happens. The following are tips on debt collection, which is a critical aspect of keeping your cash flow running smoothly:
• Always know who owes you what and when. Tracking payments over time will help identify and avoid slow-paying customers.
• Request deposits on all credit orders.
• Check credit worthiness of all new credit customers.
• Ask your customers who require credit to fill out a credit application. (We can assist in this regard.)
• Adhere to a strict schedule of sending out invoices early, reminders after a set period of time, and overdue notices immediately upon the debt becoming overdue. (These do not need to be unfriendly. In fact, friendly reminders often lead to more business.)
• Consider discounts for customers who pay early. The longer a debt goes unpaid, the less likely it is to ever be paid.
• Collect overdue payments. The importance of debt collection on overdue payments is often underestimated. Consider handing over your overdue debts to a company who will collect them for you to speed up recovery and allow your business time to be spent productively.
We handle debt collection on contingency, in other words, you only have to pay if we are successful in collecting your money. Please speak to Vicki Mungroo or Rob McCarthy if you have any questions about our debt collection process.
Or, please contact us as follows:
Tel: (033) 266 6170
Fax: (033) 266 6175
Rob McCarthy: (083) 274 1232