Internal Credit Control – Top Tips to Stay on Top of Your Invoices

Day one; get a new client. Day two; got a new client. Day three; perform work for the new client. Day four; invoice the new client. Day 100; not been paid by the new client….

Does the above sound familiar? Simply introducing a few strict measures into your own credit control procedures could reduce the number of days it takes your clients to pay your invoices.

Never be afraid to ask for payment. After all, you agreed in advance what you would do, what it would cost and when it should be paid. So why allow an extended period of credit at your own expense?

Try incorporating these simple steps into your procedure.

• The first day after the invoice falls due for payment you make a polite call simply reminding your client that the invoice is due

• Seven days after that, call again to ascertain if there is a problem with the bill

• Seven days after that write to the client seeking payment of the bill and remind them of the terms of payment

• Seven days after that you confirm that you will place the matter into the hands of your solicitor if the bill remains unpaid

• Seven days after that, instruct a firm of solicitors with a debt recovery department that provides fixed fees. That way, you know what you will be paying before you provide instructions

Always make sure you note the contents of each conversation, especially if the reply is “No dispute and we will pay”.

Try the above and see if it reduces the number of days your bills go unpaid and don’t forget to carry out your threats to escalate matters too!

About the Author

Jason Edge is the Marketing Manager at Mayo Wynne Baxter, solicitors with a successful debt recovery department.

For further information contact our debt recovery team or visit http://www.mayowynnebaxter.co.uk

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