7 credit control tasks to do in the extra day you have this 2020 leap year
1. Tidy up your sales ledger
There are always those jobs that need doing that you just don’t get around to doing in the busy days of the week. If your sales ledger is looking a tad dishevelled, then get those credits and unallocated cash matched off and write off those minimal sundry balances that will never get resolution otherwise.
2. Revisit your bad debt provisions
When was the last time you looked at the bad debt provisions you hold? Revisit them to ensure you have enough cover based on your intimate knowledge of your sales ledger accounts. Why leave it to the financial year end? Avoid any surprises and do it now.
3. Review your credit exposures
When was the last time you credit checked your customers to see if the credit limit exposure you have set are OK? It’s not just to identify those who may have financially diminished in stature which you are going to need to keep a closer eye on but also the positive sales opportunities in customers who have the ability to buy more, with better credit ratings than they had when you first acquired them as a customer.
4. Revisit your communication channels
It’s not just your customer that needs to hear from you. Why not explore the communication channel between you / customer service / sales / logistics or whatever other department you rely on to get answers to queries preventing payment of sales invoices? Are there new apps you could use to communicate or report? Are you using your current systems to the best of their capability to keep you visible to your employer?
5. Revisit your credit policy and remind everyone about it
Ok, so you wrote it a few years ago and it’s dusty in the drawer / lost in some shared folder somewhere. Why not revisit your credit policy to ensure that it is still relevant? Where bad practice has crept in – as it does sometimes – refresh your process and policy and remind your employer why your policy and credit control processes exist and how it will benefit them.
6. Research what’s new in credit management
The world of business does not stand still and, whilst the search for the Small Business Commissioner is underway, check out what is really happening with late payment legislation, anything new in tech that could provide you with additional support, new courses to learn new skills in credit management or soft skills such as the art of persuasion.
7. Tell the world how great being a credit controller is!
You may be new to the job or a seasoned professional who has been doing credit control for years. Either way, if you are passionate about the profession, shout about what a fantastic job being a credit controller is! Social media is a great way to have a voice and tell the world what being a great credit controller means to you.Back
COVID - One year OnAs credit managers and credit controllers reflect on the challenges in managing their sales ledger asset over the past 12 months, we take a look at the various issues faced and how we expect that has changed the support needed from your credit control team moving forward.
Entrepreneur of the Year AwardThank you to all of our great clients and team. Without them, I would never have won this award.
B2B Credit Control - Instalments & Late Payment Interest"Historically repayment plan arrangements have been limited to the odd customer with cash flow issues, it is now more prevalent and credit control software needs to adapt to deal with that, free up the credit controllers time and provide accurate management information”. Janice Megram, Client Services Director, Veritas Commercial Services.