Thursday, 07 February 2013 13:35

Chasing Payments - ICM & BIS Managing Cashflow Series Part Seven

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“A sale is not a sale until the money is in the bank”

A simple sentiment, but one that can often be lost in the thrill of securing that next big sale.  But when the agreed upon payment day passes and you have no sign of the promised payment, what is the best way to go about securing the funds?

 

For businesses with little or no credit management experience it can be a case that effective credit control is relegated to a job that nobody wants. Meaning opportunities for pursuit are missed and credit periods can spiral out of control.  Thankfully for those that dread credit control part seven of the ICM & BIS Managing Cashflow series has just what you need.

As always the guide includes a useful “Top Tips” section to help those reluctant to chase payments and a simple check list to help ensure you have everything you need to effectively chase payment.

You can download the guide below:

 cover image

As you may expect, we have more than a little to say on the subject of chasing payment.  Our Operations Manager Adam Home explains:

“Every size of business, from freelancer or sole trader up to Multinational conglomerate should have a clearly defined policy for pursuing overdue payment.

In most cases late payment will more likely be an administrative oversight than a deliberate attempt to evade payment, but you should still contact your customer regularly to ensure your invoice is never far from their minds.

Keep notes of any discussions and monitor your customers closely for signs of financial difficulties.  Repeatedly missed payment dates can be a strong indicator of cashflow issues at the customers end.”

The Managing Cashflow series of guides is produced by the Institute of Credit Management in association with the Department for Business Innovation and Skills .  The full series of guides can be found both on our blog here and from the .Gov.uk website here.

 

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