Credit management solutions
Whatever the size of your business, you know that maintaining good cash flow is essential to operate, grow and succeed. Our credit management experts can work with you on a consultancy basis and offer the level of support you need.
Corporate credit management
Do you have an existing credit control function that isn’t meeting its targets? Does it lack direction? Are your customers continually paying late? Then perhaps a review of your current processes is necessary. We can also develop mentoring and training programmes for new or existing staff to help them improve the way they work. Our blog – Supporting TVM Fashion Lab – shows how we worked with one client to improve processes and support the new finance team.
Are your client payment commitments falling short? Fees not being paid to terms? We provide credit control support to ensure fees are collected on time, every time. We can review the whole of your AR function, implementing practical frameworks within which your staff can work, along with straightforward ways of working, in order to help you reach your annual cash targets.
Sole traders and SMEs
Smaller businesses may not have the skills, time or resources to have any credit management system in place at all. This can cause recurring problems with late or non-paying customers and as the debt gets older, the more difficult it becomes to collect. This can result in a breakdown in customer relationships and in the meantime, fluctuations in your cash flow.
Credit management policies and processes
Our consultants will work with you on specific projects which aim to improve your existing practices and make life easier. We first carry out a thorough review of your current ways of working and then make recommendations based on what you need, which will improve efficiency and your cash flow.
Some examples of how we can help from review to implementation are:
- Root cause analysis of delinquent and disputed debt. By understanding this, you can make changes that reduce the need for debt collection services.
- An assessment of your receivables function. The goal is to ensure your customers are paying on time, every time, to maintain good cash flow and liquidity.
- Credit policies which set out how the credit control department should function, this helps to standardise the process.
- For a smaller business having credit policies in place can help you understand what you need to do and when.
- Introduce a credit control diary system, which shows all invoices outstanding along with details on their status. This allows you to proactively chase customers in a consistent way, identify problem areas, forecast cash flow, set targets.
- Review and design systems and strategies to better manage your aged debt ledger.
Recruiting and training your credit management team
Ensuring your team has all the skills it needs helps you with your targets and also motivates them to work more productively. Some examples of how our consultants can help are:
- Support with recruitment and induction of your team.
- Departmental and staff training plans for every level.
- Departmental staff structuring and ways of working.
- Staff appraisals, motivation and individual target setting.
- Advice on developing structured departmental reviews