Small Business – 3 Credit Management ‘Must Haves’

“A man is usually more careful of his money than of his principles” – Oliver Wendell Holmes 

If you’re a business owner or someone who is involved in business accounting, you know how hectic the last month of the financial year could be.  In Australia, June is the month when huge things happen in accounts departments:  businesses have a hard, long look at the numbers, cash collections and expenses, missed/or met budgets, profits and losses.  June is for many businesses month with large cash collections Continue reading

Debt Collecting – Frequently Asked Questions & Answers (Part 2)

“To always develop and grow, I’m always asking questions.” 

 

Q Why would my small business need a Credit Control System, when my business turnover is not very big, Isn’t this kind of professional approach only for much bigger businesses?

 

A A properly defined , developed and implemented Credit Control System in any business, regardless of the size of the business turnover, would actually help your business grow faster. Continue reading

Debt Collecting – Frequently Asked Questions and Answers (Part 1)

“Debt –  An ingenious substitute for the chain and whip of the slavedriver.” – Ambrose Bierce 

This is our first post in the series of the most frequently asked questions and answers regarding debt collecting.

Q How quickly can we collect money from a debtor?

A There is no one specific answer to this question.  The outcome will depend on many variables: What are the Standard Payment Terms for the debt?  How long had the debt been outstanding for (the longer outstanding the less chance of collecting)?   Has the debt been chased previously and is there a record of the collection attempts?  What kind of debtor are we dealing with?  Is it a commercial debt or consumer debt?  Continue reading