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Credit Control and your business

Helping you get paid on time

accountant belfast
magic beans accountants belfast
magic beans accountants belfast

Effective credit control is one of the most important aspects to running a successful business. Without money coming in on time, your business’s cash flow will be Affected and you may not be able to make your payments on time.

What many businesses fail to realise is that the process of avoiding the problems of late payment and bad debt begins as soon as an order is placed. This is a critical process that starts with knowing your customers before you sell to them and only ends once you have been paid in full.

Additionally, some clients need more managing than others when it comes to settling your invoices. Using information held in Xero, we will make sure your debtors are chased up professionally and sensitively to get cash into your bank account whilst maintaining excellent relationships.

Your credit control process

We work alongside you to agree a smooth Credit Control process, escalating activity if the invoices remain unpaid. We can use Xero’s invoice reminder and statement functions, following up with phone calls if payments are missed. Or if you prefer a more personal approach, no problem, we can email using your accounts@ email account and agree a plan of monitoring and actions specific to your needs with a summary report on correspondence sent and received each month.

We can also-

  • do a Credit Check, this way you will know if you are likely to have a problem collecting debt before you start.
  • Set an appropriate credit limit and stick to it!
  • ensure you have appropriate terms and conditions and payment terms are agreed before services/products are provided
  • issue engagement letters and terms and conditions and refer to payment terms.
  • Provide a report on your high risk, medium risk customers so you retain focus and don’t let payments drift.

We will be sure to be polite, persistent but you shouldn’t apologise for requesting payment for the work or products you have delivered.

Giving back

Every time someone does business with us, something great happens in the world.

Find out more

Want to learn more about our services?

Talk to Clare or Sharon