Credit control is crucial in manufacturing business as it supports financial stability and growth.

See the signs of a poor credit control system that you should watch out for.

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As it's the start of May, now is the perfect time to take a fresh look at your business finances.

Here are some tips to improve your #creditcontrol and help to grow your business.

If you have problems with #latepayments , our #debtcollection team can quickly recover you money.

Welcome to the month of May! Read all about what we’ve been up to in April below! 🚀

know-it.co.uk/blog/know-it-a…

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Do you have individual debt, business debt, or commercial debt?
Contact us today and we can collect! 💷

Call us on 01245976716 📞 or email us on [email protected] 📧

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Reduce Debtor Days step 6/7: offer early payment discounts or rewards so you get paid quicker: bit.ly/2WY6SzY #debttips #cashflow #creditcontrol

Knowing your customer has never been so important! 🚀

Claim your FREE Creditsafe credit report here - lnkd.in/eJdzBADz

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Customer do deserve a second chance, but make sure you don't make the same mistake twice if they've paid late in the past. Insist on stricter terms or advance payment. More tips here: bit.ly/2LRXOM2 #debttips #cashflow #creditcontrol

Using a debt collection agency does involve some costs, so make sure they outweigh the overdue amount. If is doesn't justify the cost and effort to collect, write it off as a bad debt and move on. More tips here: bit.ly/2LRXOM2 #debttips #cashflow #creditcontrol

With CoolCredit, monitoring your credit is easier than ever. DIY by following these easy steps, and take control of your credit repair journey.

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You should consider getting good terms and conditions set up with the help of a solicitor to make sure they are adequate and will help you prevent bad debt. More tips here: bit.ly/2LRXOM2 #debttips #cashflow #creditcontrol

The level of early payment discount you can offer depends on the profits you are making on the orders. Read more here: bit.ly/2LRXOM2 #debttips #cashflow #creditcontrol

Always set suitable payment terms for your customers. Only offer credit to credit worthy people and consider setting up standing orders or direct debits to improve cashflow. More tips here: bit.ly/2LRXOM2 #debttips #cashflow #creditcontrol

Have you got a Credit Management Process in place? Here's an example of a very basic one, the least you should have: bit.ly/2I80qmm #debttips #cashflow #creditcontrol

One of the best ways to see if your customers are paying on time is to use a DSO calculator. Here's one you can use to improve your #cashflow #debttips #creditcontrol : bit.ly/2X1dOMP

Successful credit control step 7/7: report all activity and review every customer's performance regularly. Credit check every 3 months as things change all the time: bit.ly/2IagSTg #debttips #cashflow #creditcontrol

Don't always assume the customer is wrong when they're paying late. Contact them to see if there is a problem and resolve it quickly. More tips here: bit.ly/2LRXOM2 #debttips #cashflow #creditcontrol

Reduce Debtor Days step 4/7: set up a process for chasing overdue invoices. Here's one you can use: bit.ly/2WY6SzY #debttips #cashflow #creditcontrol

Reduce Debtor Days step 1/7: only give credit to credit-worthy customers and always run a credit check with a reputable credit scoring company #debttips : bit.ly/2WY6SzY #cashflow #creditcontrol

Reduce Debtor Days step 5/7: keep accurate documents and records so that you have everything in writing: bit.ly/2WY6SzY #debttips #cashflow #creditcontrol

Collecting overdue accounts can be a frustrating experience, but not handling them promptly will endanger the cashflow and long term viability of your business. More tips here: bit.ly/2LRXOM2 #debttips #cashflow #creditcontrol