Credit control is essential to any business that wants to thrive. Credit is a vital part of the inner workings of the economic system. However, you have got to have credit under control. Otherwise, it gets out of hand, and the results are more often than not dire. This is the reason why you must acquire our credit control services.
What Is Credit Control?
When you hand out credit to your customers, you do so under the expectation that they are going to pay back for a given product or service. The same logic applies to banks, who usually give money loans or other facilities under the assumption that the borrower returns them, plus interest.
Like banks, you have to be careful how you extend credit. If you are not diplomatic about this, it can certainly lead to poor relationships with clients. Also, on the other hand, if client debt racks up, you may even have to undergo liquidation. The best way to avoid this is through credit control.
Credit control is a form of supervision that involves the meticulous inspection of the overall prospect of credit extension. In simple terms, it means that you develop and streamline concrete processes that help you deem acceptable suitors for credit to those who are not. Naturally, those that possess positive credit history can be granted—and in some instances, they should be—more credit than those with questionable credit histories.
These are some of the aspects that involve credit control:
- Credit period outlining
- Percentage of cash discounts determination
- Debt collection policies
- Late payment processing
- Client vetting and outreach
As you can observe, credit control is an arduous process that you may singlehandedly not be able to manage on your own accordingly. You are better off with a professional chartered accountant that does it for you. WAYFINDERS Consulting is that group that does credit control for you.
Why Is Credit Control Important?
Credit control is the cornerstone of any functional company. When you are a worker, oftentimes you just worry about doing your job right, and you then go home, taking for granted that you will collect your salary on a given day or time.
When you become a business owner, taking payments for granted without any concrete course of action to achieve it is borderline implausible. When you have to pay salaries, utility bills, and operational costs, it makes or breaks acquiring a crystal-clear outline of processes that ensures that the money will be flowing into your accounts by the end of a given period.
That is the sole reason why hiring us becomes a must. WAYFINDERS Consulting is a firm that maximizes your financial health, helps you attain a steady state of incoming cash flow, and creates a seamless stream of happy clients that pay for their invoices on time.
What You Get When You Hire WAYFINDERS Consulting
Correct credit control on its own already holds numerous advantages for your business. But, what if you are not squeezing the most out of your possibilities? What if there is a firm that is willing to go the extra mile for you? That is WAYFINDERS Consulting. This is what we offer as a firm:
- Credit management advice
- Cash flow confection
- Cash flow forecasting
- Systems, personnel, and processes reviewing and counselling
- Bespoke reporting
- Ledger management
- General credit control advice