When are payment runs completed? (They may be daily, weekly or monthly). Is there a problem with the invoice? If so, what is the query and what needs to be done to resolve the issue? When you call regarding credit control, confirm the following:ĭoes the invoice need to be authorised by management, if so has it been done? If you haven’t spoken to the accounts department before, introduce yourself and get a contact name, so you know whom to speak to in the future.
5 Credit control – Contact your Customer by PhoneĬontact the customer by phone a few days before the invoice is due for payment.
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If you do your bookkeeping manually, there are some free Microsoft Excel templates to downloaded. If you run accounting software, there will generally be a facility to print them. Some companies ensure that statements are checked for any discrepancies. It will list all the invoices which are outstanding for payment and the total balance, which is due. Send out statements of accounts to everyone that owes you money every month. Check the address that it is sent to, it may be a postal or email address. If an invoice has an incorrect amount or details, the customer may reject it. If your customer has quoted a purchase order number, ensure it is included, or it might be returned to you unpaid.īefore sending any invoices, ensure they are correct. 3 Credit Control – InvoicesĪlways state clearly on sales invoices the payment terms which have been agreed. Many businesses include a copy of their standard terms and conditions of sale on their website. It can be provided with your invoice or as a separate document.
Your customer should receive a printed copy of your terms and conditions of sale, which will include the credit terms that you have agreed. One good way to see if a company is a good payer is to request references from other companies. Some businesses offer credit checks for a small fee you can also obtain information on any limited company from Companies House. We recommend the following software, FreshBooks, QuickBooks, and Xero 9 Credit Control Procedures 1 Complete Credit Checksīefore giving credit, it is worth carrying out a check on them.
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Good accounting software can save time in credit control. Adding payment gateways to invoices, so they may get paid quicker.Sending invoices to clients while out on the road.It can do so much more if set up correctly including: You might think that accounting software is there for invoicing and reports. If you’ve got this information right at the start, it makes life a lot easier when you’re doing your credit control. do the invoices have to be authorised by a manager, do they need a purchase order number and find out how often and when payment runs are carried out. Talk to your client and agree on credit terms with them.Īsk for a contact name, telephone number and e-mail address for the correct person in their organisation to send invoices to.Ĭheck that you have the correct postal and e-mail address for sending invoices (this may not be the same as a delivery address).įind out what the process is for getting invoices paid – i.e. The best time to sort out credit management is before you make your first sale. 5 Credit control – Contact your Customer by PhoneĪccounts Receivable Collection- tips to get started.Accounts Receivable Collection- tips to get started.
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