Managing Credit Control as a Busy Business Owner

October 25, 2021

Credit control often gets overlooked. When you’re a busy business owner, the last thing you want to do is add another thing to your never ending to do-list. However, it’s one of the most important tasks you can do each day. 

In this blog post we’ll share our team of credit management experts top tips for ways to manage your credit control - in as little time as possible. 

1. Take five 

Credit control can become stressful when you let it build up - but when you take a few minutes each day to go through it, it gets a lot easier. Spend five or ten minutes on credit control each morning, and you’ll thank yourself later. 

2. Don’t leave it until the last minute 

Similarly to the point above, don’t leave your credit control tasks to the last few hours of the working week. Friday’s can often be the worst day to do credit control, as people might be out of the office or focusing on other tasks. It also leaves the possibility for emails to be lost over the weekend. Try to complete credit control in the first half of the week if possible. 

3. Designate, designate, designate

If you have other members of staff, why not designate credit control to them? If it’s simple tasks like sending out invoice reminders, it can be helpful to ask someone else to do this for you. That means you can focus on other tasks within your business that only you can do.

4. Regularly examine customers payment terms

It’s a good idea to regularly check your payment terms, as you may be missing out on an improvement in your cashflow. If a customer consistently pays late, consider shortening their payment terms. If you’re concerned about ruining customer relationships, make sure you put courtesy calls and emails in place to confirm the receipt of invoices. This way, you’re making sure that communication channels are open. 

5. Utilise low-cost solutions 

Ultimately, it can often be easiest to utilise a low cost, low effort solution like itsettled. With our automated platform, you can simply integrate with your accountancy software, upload your invoices, and let us do the work. The consistent communication can improve customer relationships, and you’ll be able to relax knowing that we’ve got your back. 

Try us for one month for free (no credit card details required) to see how we can improve your cashflow. 

The itsettled team.

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