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Credit Control is a vital part of running any business. However, finding the time in order to chase debtors can be very difficult for many small business owners. Many business owners work extremely long hours, with research pointing out that a fourth of all business owners work over 60 hours each week. However, at TFMC we can take that burden off you. Our Credit Control Southend Service can help you impose a correct credit control procedure in order to improve cashflow and the general financial health of your business.
Many owners of small businesses have decided to offer credit, in order to entice customers and improve sales. As a rule of thumb, you can expect an increase in sales up to 17% once you start offering credit to your customers, due to the fact that it is easier for potential customers to acquire your product/service. To add to that, you can get people talking about your product. However, there is a clear downside to this strategy.
Occasionally, a customer or two will miss a payment – which can happen. To add to that, the extra administrative work that comes with it is going to be very difficult to keep up with. Outsourcing your Credit Control Services could be very helpful in order to complete the moist
Establishing good credit control procedures
Updating and reconciling your sales ledger and control account
Reviewing your credit terms
Running credit checks to assess potential or existing customers
Deciding what credit to give a customer
Producing an aged debtors report, to give an insight into monies which are overdue
Sending out letters to outstanding debtors
Chasing payments and posting payments
Providing recommendations to clients when legal enforcement is necessary
Providing up-to-date details on the situation
We offer a fixed fee service, which means that the size of your business does not matter – we help you gain control over your cashflow, despite the size of the project, or outstanding payments. A FREE no-obligation meeting could help us determine how we at The Financial Management Centre can help you and your business with Credit Control services. Contact us today through our contact form, and an adviser will contact you shortly to arrange an initial consultation. We look forward to joining your team!
The Financial Management Centre UK Limited.
Registered in England & Wales company number 06304852.
Basepoint Business Centre, Metcalf Way,