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Toolkit

3 Ways to Chase for Payment Effectively

chase for payment effectively

Understanding how to chase for payment effectively will vary depending on your customer type and payment history. You may have customers that pay you at the same time each month with very little encouragement from you, on the other end of the scale you may also have customers that will delay payment on a continual […]

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How can you use DSO to improve business performance overall?

improve business performance

DSO (Days Sales Outstanding), or sometimes known as debtor days, is the average number of days your customer takes to pay your invoices. It is an ever changing figure but calculated regularly it can give you a good indication of your collection performance and to set targets. Monthly DSO reports should be produced so that […]

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Simple Steps to Writing Effective Collection Letters

writing effective collection letters

In terms of the impact on your customers’ inclination to pay you, letters tend to have more gravitas than emails or phone calls alone. They are a much more formal way of communicating with a customer and therefore can potentially encourage them to take a situation more seriously if they have been paying late and […]

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What is Effective Credit Control?

effective credit control

Having an effective credit control function within your business can have a huge impact on your cash flow. Your credit control should use the most appropriate processes and procedures for yours and your customer’s business to ensure you are paid quickly and on time, as well as maintaining positive business relationships. What indicates effective credit […]

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How to Improve your Business’ Use of Credit Management Tools

Credit Management Tools

Using the credit management tools available to you effectively can greatly increase your chances of getting paid quicker. Making small changes to these can make a big impact and using a variety of tools will help you to identify the correct form of communication with a customer. Improving your use of credit management tools Invoice […]

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Top Tricks for Writing Effective Collection Letters

Effective collection letters

Collection letters can be an extremely useful tool to collect payment, as they tend to carry more weight than emails alone. The key to a successful outcome is in writing effective collection letters that make your customers take notice. The tricks for effective collection letters: Letters should be incorporated into structured collections strategy You will […]

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How to Keep Momentum on your Credit Management Function During Christmas and New Year

Credit Management Function

The Christmas period signals a slow-down for many UK businesses; Christmas excitement takes over and the majority of businesses close during part or all of Christmas and New Year celebrations. In order for businesses to maintain cash flow during this time, they must have an effective action plan in place to ensure the highest possible […]

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Five Ways Conversation Beats Email

Conversation beats email

Within my career I have come across many people that have distinct apprehensions about having telephone conversations as part of their job, instead choosing to rely on email to communicate with business associates, customers and potential customers. The majority of the time I have been told this is because telephone conversation requires immediate response to […]

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10 Facts about Credit Management your Business Needs to Know

10 credit management facts

Your Credit Management function is vital to your business to maintain positive cash flow and reduce the risk of bad debt. Read below, our guide to 10 facts about Credit Management your business needs to know for the benefit of your cash flow. 1. Late payment accounts for £32.4bn owed to SMEs, according to BACs research […]

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Are your Collection Letters Effective?

Effective collection letters

We’d all agree that writing effective collection letters is a balancing act between ensuring you receive payment in full and maintaining a positive working relationship with your customers. You don’t want your correspondence to end up thrown to one side, added to a stack of unread post, because the seriousness of the matter wasn’t made […]

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