when your report was written. • what evidence your view is based on. • Address the statutory criteria: they matter very much. • Write as clearly and as precisely as
Download practical strategies that you can use to improve both the length and the quality of your sleep. CONTENTS. 01 Important facts about sleep. 03 The effects of sleep deprivation and chronic lack of sleep. 04 Tips for Improving Sleep .... max
Download How to Improve. Teaching Quality. RICHARD M. FELDER, NORTH CAROLINA STATE UNIVERSITY. REBECCA BRENT, NORTH CAROLINA STATE UNIVERSITY. When higher education adopted total quality management in the 1980s, changes were made primarily in b
Download have been shown to improve anxiety and depression, and quality of life ... Improved sleep. Many people find they are able to sleep better at night after having been more active during the day. Cycling helped me lose weight and I feel b
Download practical strategies that you can use to improve both the length and the quality of your sleep. CONTENTS. 01 Important facts about sleep. 03 The effects of sleep deprivation and chronic lack of sleep. 04 Tips for Improving Sleep .... max
Download many factors that can affect your sleep patterns. The benefits of healthy sleep include: improved mental performance, less anxiety, improved mood and energy levels. This information will focus on practical strategies that you can use to
Download many factors that can affect your sleep patterns. The benefits of healthy sleep include: improved mental performance, less anxiety, improved mood and energy levels. This information will focus on practical strategies that you can use to
Download practical strategies that you can use to improve both the length and the quality of your sleep. CONTENTS. 01 Important facts about sleep. 03 The effects of sleep deprivation and chronic lack of sleep. 04 Tips for Improving Sleep .... max
Download How to Improve. Teaching Quality. RICHARD M. FELDER, NORTH CAROLINA STATE UNIVERSITY. REBECCA BRENT, NORTH CAROLINA STATE UNIVERSITY. When higher education adopted total quality management in the 1980s, changes were made primarily in b
How to Improve Your Memory! DISCLAIMER: This information is not presented by a medical practitioner and is for educational and informational purposes only
Download have been shown to improve anxiety and depression, and quality of life ... Improved sleep. Many people find they are able to sleep better at night after having been more active during the day. Cycling helped me lose weight and I feel b
Download Therefore, randomness can, in many respects, be seen as a consequence of our limited knowledge. Despite the complex nature of random phenomena, even they are subject to certain regularities and these are the object of interest for prob
Download Therefore, randomness can, in many respects, be seen as a consequence of our limited knowledge. Despite the complex nature of random phenomena, even they are subject to certain regularities and these are the object of interest for prob
Please note: Product rules, limits, terms and conditions apply. Where there is a discrepancy between the content provided in this document, the website and the
Download The main role of SQA (software quality assurance) is to maintain the quality of the software ... Software QualityAssurance [1] standards are developed to help ...
Download inventory instability. Therefore, there is a substantial need for inventory control policies that can cope with supply chains dynamics. This paper attempts to formulate an inventory control system based on a statistical control ...... on
Health and Safety Executive Playyourpart! Health and Safety Executive Play your part! How offshore workers can help improve health and safety P 1of15pages
Turf T uctions How to Take Your Project Photographs ACCEPTABLE ACCEPTABLE UNACCEPTABLE UNACCEPTABLE UNACCEPTABLE 1 In order for your reservation or rebate application
express a judgement about the stage of development reached by a particular country or area in the development process. The reference to a company and its activities should not be construed as endorsement or acceptance by UNCTAD of the company or its
AVACE MAFACTIG FFICE Energy Tips STEA Steam Tip Sheet 4 Improve Your Boiler’s Combustion Efficiency Combustion Efficiency Operating your boiler with an optimum
8 • How to Study Your Bible While learning in a group setting is extremely valuable to most people, there are others who want to learn to study the Bible on their own
1 2017-2018 Profex Manual 2017-2018 School Year How to Register your Application Online NORTH AMERICAN LANGUAGE AND
The Most Excellent Way 3 OF 3 This is God’s assurance for parent and child. • If you child become uncooperative, ask him/ her to leave your home, and not return
GRASSROOTS FUNDRAISING JOURNAL • WWW.GRASSROOTSFUNDRAISING.ORG • 1-888-458-8588 • 3781 BROADWAY, OAKLAND, CA 94611 2 A good way to go about taking an inventory
If your business sells products or services on credit then it is imperative to have a systematic credit control process in place to ensure that your business receives prompt payment.
Many businesses in the SME sector neglect the credit control function of their business allowing long term problems to build up in the background. The main focus of their business plan is to generate sales, tight credit control procedures can appear to be an impediment to this objective.
The consequences of poor credit control can be:
Increased time period between issuing invoices and getting paid.
The need for a bank overdraft
Bad debts being incurred
Financial stress leading to poor decision making
It’s not always the credit controllers fault! There are a number of issues that are outside the control of the credit controller that will negatively impact on his/her ability to obtain payment from customers such as:
Under funding of the business
Credit control policy not strictly enforced by management
A written document should be produced to detail the credit control policy of the business. This document should note the type of customers who are entitled to receive credit:
Sole Traders/Partnerships:
Sole traders/partnerships who have purchased a minimum of three orders on a cash on delivery basis prior to applying for credit.
Sole traders/partnerships who are in business for an excess of two years.
Sole traders/partnerships who have provided at least two trade references
Sole traders/partnerships who have provide a bank reference
Sole traders/partnerships who are willing to sign an agreement concerning adherence to the credit terms on offer.
Limited companies who have purchased a minimum of three orders on a cash on delivery basis prior to applying for credit.
Limited companies who are in business for an excess of two years.
Limited companies who have provided at least two trade references
Limited companies who have provided a bank reference
Limited companies who are willing to sign an agreement concerning adherence to the credit terms on offer.
Limited companies whose directors are willing to sign a personal guarantee for any debts due by the company in the event of the liquidation of the company
By adhering to the above your business will be reducing the risk of non payment. Customers who are not willing to go through such procedures should be treated with extreme caution as they may have something to hide. It is standard procedure for a bank to have similar criteria before issuing credit so why should your business put itself at risk by not doing likewise. If customers totally resist all attempts to follow your credit control procedure it may be worth allowing them to take their business elsewhere, allowing your competitors to deal with the risk of a potential bad debt. Credit limits Each customer needs to have their credit limit assessed individually. Careful consideration needs to be given to a customers credit limit as it is potentially the amount of monies that may not be paid in the future if the customer runs into financial difficulty.
The judgement criteria to assess credit limits can be based on a combination of factors.
How long is the customer in business?
If customer is a limited company are their accounts filed up to date at the companies registration office?
If the customer is a limited company are the directors/owners willing to sign personal guarantees for monies due?
The ABC of credit control is Always Be Chasing! There are various methods available to chase outstanding debts, some are more effective than others. The key to effective credit control is to ensure that debts are chased regularly and in a systematic manner.
Invoicing An integral part of credit control is to ensure prompt issuing of invoices that are error free and easy to understand. If an error has been made it should be rectified immediately as this will avoid the debtor using the error a reason for non payment. If your business involves the provision of a services the invoice should give sufficient detail to justify the fee charged.
Statements Within five days of the month end statements should be issued to all debtors. This reminders the debtor of monies due and gives the debtor another opportunity to issue payment.
Asking for payment It is extremely important to keep a track of all communications with a customer when engaged in credit control as this will increase your ability to obtain payment.
Letters and e mails create an effective record to show that the debt is being pursued and put the debtor under notice that payment needs to be issued. Requesting payment by phone is one of the most effective methods of obtaining payment. Experience plays an important role when requesting payment by phone. Generally you need to remain professional, courteous but firm and always ask for the payment. Records of telephone conversations should also be kept.
Can’t pay Verses won’t pay One of the skills a good credit controller develops is the ability to distinguish between a debtor who has the ability to pay a debt but refuses to do so and a debtor who simply cannot afford to pay a debt. A different approach needs to be adopted depending and what that of debtor you are dealing with. You can offer extended credit terms to a debtor who is in a difficult financial position if you believe they will pay. A debtor who simply will not pay without justification needs to be made aware of the consequences of non payment. Issuing legal proceedings is should be a last resort but if you have compiled a water tight case by following credit control procedures listed above you will increase your chances of winning a court case.
Credit Control Function Review For a business or organisation with an established credit control department it can be a useful exercise to conduct a credit control function review. This review will identify issues that require remedial action and a template for action. Using the template in figure 1 below the process is as follows:
Step 1 Identify credit control matters that relate to internal organisational issues that impact negatively upon the collection of monies from debtors. Examples of such issues would be, does the organisation have a documented credit control policy? Is the credit control policy appropriate and fit for purpose? Is the credit control policy being enforced effectively? Is the billing system error free? The next step is to identify remedial actions that are needed to rectify problems noted. Step 2 Identify credit control matters that relate to the individual credit controller(s) that impact negatively upon the collections of monies from debtors. Examples of such issues would be, do individual credit controllers have the appropriate level of skills required to execute their duties effectively? Do individual credit controllers have the appropriate level of experience in relation to debt collection? Are credit controllers evaluated by appropriate key performance indicators? The next step is to identify remedial actions that are needed to rectify problems noted.
Step 3 Identify credit control matters that relate to external factors that impact negatively upon the collections of monies due from debtors. Examples of such issues would be, is the economy in growth or recession? Do debtors fully understand invoices issued to them? Do debtors lack funds to pay? Are monies due to your organisation a priority to your debtors? Are debtors unconcerned with the consequences of non payment? The next step is to identify remedial actions that are needed to rectify problems noted. Figure 1
