Effective Debtor Management


👉Do you have good policies in place to manage outstanding debt?

👉How often do you follow up overdue invoices?

Read the tips below to help set up simple but highly effective debtor management systems for your business

✅ Policy – Have a credit policy and terms of payment/trade in place

✅ Customer Details: Ask for customer contact details before offering services, including business name, phone number, email address

✅ Email Invoices: Email invoices as soon as the job is completed

✅ Statements: Email customer statements at the start of each month

✅ Reconciliation: Reconcile customer payments daily in your accounting software

✅ Follow up: Allocate set time each month to follow up overdue invoices

✅ Outsource: Implement good systems so the business can track invoices, run reports, make notes. If you are not sure about processes to implement or you feel uncomfortable chasing invoices ask your bookkeeper for assistance or outsource.

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