In the wake of the most disastrous economic climate in recent memory, the world has really been brought to its knees. The recession and stock market crash of 2008 sent waves of change throughout most industries, as businesses and financial institutions tried to claw back to profitability. With the real estate bubble crippling the U.K. financial system, causing many large institutions to close their doors, consumers and businesses have both suffered. [Read more...]
Easy Credit Control Procedures
May 18, 2008
Credit control procedures differ from credit control policy in that the procedures is the implementation of the policy. For example, when something happen (a) is the response to that something.
Having a clear set of credit control procedures ensures that your credit control department runs smoothly. The following is a list where procedures should be thought about and written down they help to reduce the cost of credit.
Late payment
this is always the most obvious and important within any credit department. What will you company response to late payment be. This is a list of options: [Read more...]
What is Credit Control?
May 16, 2008
Credit control is the debt management function within companies.
Credit controllers can do some or all of the following:
Send out invoices – most companies now have this as an automated function however the credit controller is often still responsible for ensuring the whole process. They though send out copy invoice on a requested basis, this is often one of the tactic used by companies not to pay their invoices on time – by calling or waiting to be called and saying at that point they have not received any invoices, it is a common practice in UK businesses. Credit controllers are often the first point of contact when something goes wrong and consequently they deal with the credit notes, also getting legitimate credits done quickly helps to get the rest of the invoice paid as companies will refuse sometimes to an invoice if there is an out standing credit due. [Read more...]
About This Credit Controller
May 9, 2008
I worked in credit control, credit management and accountancy for many years and that is what has inspired me to write something that will help others in learning about that type of job and those currently in the profession.
Much has been written on the subject of credit control, and particularly the need to exercise control over the debtors. For the small business owner this may be easier said than done. Credit Control help may not be available, or may only be there on a part-time basis, and the credit control function may form only part of an employee’s job description. Then of course there is the level of expertise and knowledge that may be required to ensure settlement of debt is achieved. This may not have formed part of a general accounts clerk’s training. [Read more...]