If you’re concerned about late payments and their impact on cash flow, it’s time to take control of your credit. Find out how to improve your credit control processes in this guide.
Managing your credit control is essential for any business. If payments are late, this can have a huge impact on company finances. Setbacks to your cash flow are likely to affect other aspects of your business too, and this can easily spiral out of control.
Sadly, that’s not unusual for SMEs in the UK, as 48% of invoices from these businesses are paid late.
Fortunately, there are some simple steps you can take to improve your credit control. From establishing a clear policy to automating credit control, following these steps will protect your business and secure your cash flow.
Automate credit control with Profit4’s all-inclusive ERP system
Credit control processes don’t exist in a bubble. Every aspect of your business, from accounting to sales, is involved in ensuring your invoices are paid by their deadline. ERP software allows your business to take a truly integrated approach to credit control.
Profit4 features an all-inclusive suite of cloud-based ERP tools, including inventory management, finance and accounting, sales and more. With Profit4, you’ll have an at-a-glance view of your business, including incoming orders, stock levels, and unpaid invoices. Your team will be able to automate many key manual tasks, including raising purchasing orders, sending credit control emails, and more.