Most businesses provide credit for their customers. It's how the world of business works. As a result, it's essential that you keep on top of your customer payments - checking when they're due and making sure you receive the right amount.
To help you manage this vital part of your business we've provided seven short guides. They're produced by the Institute of Credit Management in association with The Department for Business, Innovation and Skills. They contain some useful tips and guidance that could prove invaluable.
If you're going to provide credit for your customers, it's important to know that your invoices will be settled when payment is due. This guide explains ways to establish that customers are creditworthy.
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When extending credit to customers, agreeing payment terms is vital. Late payment can be damaging. Here's some really useful information on making sure the money you're owed flows smoothly.
Invoicing underpins the all important flow of cash into a business. So, it's essential you're on top of your invoices - from showing all the right details to having a process to track their payment.
What's the best approach if a customer doesn't pay when you expect them to? This guide explains what to do, including a few checks before you start chasing.
What next if you've chased a late payment and still not received it? This guide details the double checks to make at your end and then how to pursue the debt formally.
Agreeing credit for customers has its risks. Even well established customers can fail. A way to reduce the risk of bad debt or late payment is with credit insurance. This guide will help you assess the circumstances when this protection could be a shrewd move.
If a customer goes bust owing you money, you'll want to know if you're likely to get paid. This guide looks at the main types of insolvency and what they could mean for you as a supplier.
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