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Toolkit

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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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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Duty to report on payment practices and performance

Duty to report on payment practices and performance

During 2017 there was a change in legislation where by large companies would be required to produce reports on their payment practices and performances. The reports are required for all companies meeting the criteria, from October 2017 (depending on the date of commencement of the company’s financial year). The criteria to be classed as a […]

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Liverpool chamber Of Commerce membership Benefits

The benefits of using your free Credit management toolkit as part of your chamber membership

The benefits of using your free Credit management toolkit as part of your chamber membership As part of membership, Liverpool Chamber members have access to expert credit management advice and guidance. Credit management processes are often overlooked in favour of other aspects of a business such as sales and marketing; however in order to have […]

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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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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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