Credit Control – who’s in charge of your finances?

November 14, 2022 by Christine Frith
Credit Control – who’s in charge of your finances?

Effective credit control ensures that a business has a regular flow of cash. In turn, good cash flow means the business is in the strongest financial position to grow, or in tougher times, to survive.  

Our new client asked us to chase up and secure payment for a large number of outstanding invoices worth a lot of money. By monitoring the accounts receivable inbox, we managed the credit control process: chasing payments, sending statements and responding to invoice queries. This ensured that the outstanding bills were paid and future invoices were collected in a timely manner.  Money was secured to grow the business, avoiding non-payment and costly follow up measures, such as solicitors’ fees. 

This is why effective credit control is critical for your business

  1. Minimise Risk 

Keeping on top of your credit control helps you to manage and mitigate risk. Discouraging late payment and setting credit limits allows you to absorb unavoidable losses without the risk of business failure.

  1. Save time

Reviewing outstanding debts on a regular basis means that you can follow up on any late payers quickly. This highlights any issues and gives you time to rectify issues or initiate processes to secure payment.   

  1. Save money

When payments are made promptly, the more funds you’ll have available for investment, paying wages and your own bills. If a debt is not collected in a timely manner, it may have to be written off, leaving you out of pocket.  

We’re on hand to help you control your money

By adopting sensible and proactive credit control procedures, you stay in control.

When time is tight or invoices are getting out of hand, call the Hour Hands team to help. We liaise with your clients to ensure that all invoices and bills are paid on time and we ensure that invoices are sent out in a timely manner. We are always personable and polite whilst being firm and persistent. The perfect combination!

To engage your perfect credit controller simply call us on 01727 818262. Choose an ongoing package cost or we are happy to work on an hourly rate.

We are proud of the relationships that we build with our clients and are happy to share testimonials and compliments that prove our expertise.  We look forward to working with you.