What Should We Expect From Our Credit Controllers?
My credit controller doesn’t need to know any more than the value of the invoice outstanding on the sales ledger that they will be collecting – right? …Wrong.
Over the coming weeks, Janice Megram of Veritas Commercial Services will explore the changing environment facing today’s credit controllers and discuss their ever-evolving role in driving effective business performance.
The Changing World of Credit Management
As technology moves forward and we migrate towards a paperless digital world in which processes are becoming streamlined, invoices can be submitted electronically and electronic networks bring suppliers and buyers closer together, it is fundamental that the credit controller is central to the customer relationship. These relationships start from take on, throughout the sales and invoicing process and ultimately to ensure the invoice gets paid to terms.
It is imperative that the credit controller also understands the business financial targets and any banking / funder related targets and requirements and how their role feeds into that.
Today, the role of the credit controller extends far beyond making collection calls. Credit controllers need to have a strong and heightened awareness of their compliance responsibilities, such as Treating Customers Fairly (TCF) and also require a sound accounting knowledge.
No longer should the role of credit control be deemed an afterthought or brought in at the final stage of the sales order process – instead we believe that it should be a pivotal part of the customer relationship, throughout the entire customer journey.
There is so much more to credit control than meets the eye…Back
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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.
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