Credit Control Tips

It provides a structured approach to risk management and debt collection process It provides a standard rules for everyone in the organization to follow/practice  It helps ensue a consistence approach among customers and reduces a chance of personal bias which affect the decision making process It can be reviewed/modify by top management to adopt with new business requirement

Set out clear credit terms and a credit limit to ensure creditors pay you promptly. Check any new customers' credit score using a reference checking agency. Set out your terms and conditions - as well as late-payment interest in writing. To secure your cash flow, you need to collect payments effectively. Specify various payment options to make it as easy as possible for customers to pay you. Offer discounts for early payment, or other incentives such as money off a customer's next order to avoid late payment. Keep track of or recording when payments are due and send reminders if necessary including late payment interest charge if the delay exceeds your agreed payment period. If a debt remains unpaid, call and email alert to customer you are serious about it by employing a debt collection agency. Send a formal letter to inform that you will take legal execution to demand for payment if the customer still refuses to pay. Buy trade credit insurance to protect yourself aga...

Below are the main duties of a credit controller: deciding which customers may be offered credit, and under what terms (e.g. how much) setting up the credit terms and conditions checking customer’s credit ratings dealing with internal queries regarding payments or any disputes making sure customers pay their invoices promptly negotiating repayment plans

Order stage: Ensure sales team are aware of credit policy, use credit application form, credit check on each new customer, request personal guarantee for doubtful customers, set a "minimum order, check before giving credit, assess credit insurance if needed, set credit limit for each new customer, conduct regular credit checks on main customers, documented term of trade, specify interest charge on late payment, define procedures to deal with disputes, specify credit terms, agree payment terms in writing, set each unique account code for customer, confirm company detail information (trade name, address, VAT, company registration number, PIC), record payment due date, check out frequency of invoice payment, specify the most appropriate payment methods.  Invoicing: check invoice accuracy, include detail information on invoices ( payment detail , o rder detail, total due amount, due date for payment etc.), issue invoice immediately after d...

Dear Colleagues, Greetings from xxx! Please be informed that this is our 1 st reminder. We bring your attention to the outstanding of roaming charges that is due to xxx. Please find the outstanding details as follows:   Invoice Period IDNEX Invoice No. 2016/08 IDNEXKHML1-R1608-166 2016/10 IDNEXKHML1-R1610-164 If you are currently processing the payment, please update us with the estimated payment date. If you have settled the payment, please provide us the copy of payment advice to Email : xxxxx . If this letter reached you by mistake and you are not responsible for this issue, we kindly request you to forward this email to the relevant parties either in your organization or to your FCH . If you are missing these invoices, just let us know and we will send them to you . We need to solve this issue as soon as possible . Thank you for your cooperation and prompt actions .   Re...

Dear Partner, We are missing invoices for xxx and xxx period. We kindly ask you to send the same so we may close our 2016.financial year. Thank you. Best regards,

Dear Partner, Hope you are doing well. The request has been sent to the concerned person to check the details, we will look into the query raised below and would revert on priority. Regards,