5 resources that will take your credit control to the next level

05/06/2019

Whether you have a dedicated team in place or manage your credit control on the side, improving its efficiency is an ongoing process and can end up eating away at your time. We’ve gathered 5 great resources to speed up the process and help you take your credit control to the next level.

In many companies, credit control may only be a part of someone’s job, and when you’re busy chasing late payments getting around to reminders and improving your process can be second priority.

These 5 resources can help you make quick and effective changes that will have a big impact in the future.

Define your timeline

This quick two minute video is a great way to refamiliarize yourself with what a good credit control timeline should include and throw up any steps that you’re missing.

Often the biggest hurdle can be identifying where to focus your time, and taking the time to revisit your timeline is a great place to start. It may be that a simple fix can bring the whole timeline together and have a large impact.

Automate your processes

When you are struggling to allocate time to making improvements to your credit control, one of the best things you can do is set up automation. While the set-up itself can be time consuming and may involve some costs, it will free up time going forward and break the cycle of time consuming small jobs.

Ditching manual processes was one of three smart resolutions we suggested credit controllers should look into in 2019, with things like e-invoicing making a big difference to businesses.

Find the right software

Once you have identified areas that you want to work on, you may find that you need software to help you do it.

Choosing to invest in a new software solution can be a big decision and it’s always worth taking the time to research it properly. Making a list of the different things you need from the software, narrowing down a shortlist and then getting product demos for all the top contenders is a great way to go about it.

Finetune your communications

It’s always worth reviewing the language, timing and tactics you use when talking to customers, as different things will work in different industries and for companies of different sizes.

For example, do you predominantly rely on emails when chasing customers? What tone do you use? How often are calls made? And could letters be more effective at encouraging payment?

This article explores some of the credit control calls every business should be making.

Refresh your knowledge

Sometimes all it takes to make a big change is refocusing your mind to the task at hand. This handbook will give you some top tips and best practice advice, while helping you shine a light on any necessary changes you need to make.

You can read this accessible guide cover to cover, or dip in and out of it as you tackle different areas of your credit control process.

What are the major issues you’ve experienced with your credit control processes? We’d love to hear more about what worked for you in the comments below!