The health check looks at ways to reduce debtor days outstanding and on-going queries, which can limit the risk of bad debts arising. By improving credit control techniques, improving the approach to chasing debt and by tightening up the credit management processes your employees have a greater understanding of the importance of cash collection.
Benefits of the DWF credit health check
Ensures you understand who your customers are and what their legal entity is.
Checks the accuracy and adequacy of the information you hold about debtors.
Ensures your terms and conditions provide the appropriate security to you.
Provides best practice on your engagement and contract with your customers.
Helps you to highlight and look for signals of customer financial difficulty.
Helps to deal with bounced cheques and claw back to protect your business.
Shows how effective credit checks and debtor profiling can be to your business.
Shows how to make the best use of the Late Payment Legislation.
Demonstrates how to calculate Debtor Sales Outstanding to ensure you have a reliable benchmark to your customer payment trends.
Manage and enhance your cash flow
Following our guidance can also help you to manage and enhance your cashflow by:
Ensuring that your process for billing is effective.
Helping you to get your invoices paid to agreed credit terms.
Assisting you in a proactive approach to non-payers.
Maintaining pre-action protocols.
Ensuring an adequate and working credit policy is in place.
Utilisation of all appropriate legislation is undertaken.
Applying the correct levels of interest and costs.
Maximise your recoveries
As part of the credit health check we also offer a workshop for Finance Managers and Credit Controllers which focusses on maximising recoveries. This workshop will explore the options you have available to demonstrate how you can improve cashflow by using the right strategy in your business. This will give you the opportunity to talk about the challenges you are facing in your own organisation either during the workshop or with you on a one-to-one basis in one of our “Debt Recovery Clinics”.
Register your details for a FREE Credit Health Check
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