credit control policy and procedure .
Consider • What does being paid laid (or not at all) mean to your business? • Is there a late payment culture? • Do you have an escalating bad debt situation? Solutions • Implementation of a bespoke business wide credit control policy and procedure • Consult relevant parties in the devising of a workable policy and procedure which ensures greater ‘buy in’ • ‘Financial Hygiene’ culture needs to be adopted by all • Credit control to be managed daily (initially) at a senior level • Clients/customers to be put on STOP, if payment of an invoice is overdue • Require all responsible individuals in the business to do financial due diligence at the outset
• Searches to include: - Companies House
beta.companieshouse.gov.uk - Searches for County Court Judgments www.trustonline.org.uk - Insolvency Search
www.gov.uk/search-bankruptcy-insolvency-register • Reward employees based on ‘cash in’ not ‘invoices out’ Results • Significantly improved bad debt situation
• Increased turnover • Improved cash flow
Archers Law can assist in putting in place a bespoke credit control policy and procedure, and liaising with your core people to ensure ‘buy in’. We would provide this service, at modest cost, particularly bearing in mind the results you will obtain.
T 01642 636 500 F 01642 636 501 www.archerslaw.co.uk
Archers Law LLP, Lakeside House, Kingfisher Way, Stockton on Tees, TS18 3NB DX 721030 Stockton 3
Archers Law is authorised and regulated by the Solicitors Regulation Authority.Page 1 Page 2
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