Good cashflow is the lifeblood of business. Without it the day to day and long term growth of your business will be impacted.
In an ideal world every business would receive 100% payment up front before their customers take possession of the goods or the services you provide. But the reality is that very few businesses work on that model. So for those who offer credit terms to their customers Debtor Management is a crucial component of good business management.
You have sold goods or provided a service to your customer and invoiced them - now what? You sit and wait with fingers crossed that you will receive payment on or before the due date.
Debtor Management is so much more than invoicing your customer and following up with a phone call once the due date has been and gone. It starts before the product/service is invoiced out. Terms and conditions are a valuable tool but need to be worded correctly in particular to debt collection and interest costs. For new customers that you have no trading history with - do you need to think about credit application forms and trade references?
I am so busy running my business I don’t have time to chase up my debtors? My customer is refusing to pay - now what? Do these sound familiar?
At My Two Cents we have partnered with Debtor Daddy to provide an automated debtor management solution that includes a combination of emails, SMS and phone calls all in the one workflow.
We can track your debtors with ease and take action sooner on at-risk accounts. Every business is different so we customise to the needs of your business. We have an in house AR Specialist who will work with you to keep that cash flowing.
Currently we have an amazing two month free trial offer so you can see the benefits of having this system in place for your business.
Contact us today if you would like to know more.