Controlling Credit
Controlling Credit Checklist
7. Review the invoicing process and the issue of monthly statements
The date on which a customer receives an invoice or statement will often determine when they will make payment. Take a fresh look at the interval between the supply of goods and services and the submission of invoices. See whether the process can be speeded up - it probably can. Likewise find out how soon monthly statements go out after the last day of the month. Ask yourself, honestly, whether their preparation and dispatch is being deferred to enable some work of lesser priority to be done.
8. List overdue and total indebtedness
The date on which a customer receives an invoice or statement will often determine when they will make payment. Take a fresh look at the interval between the supply of goods and services and the submission of invoices. See whether the process can be speeded up - it probably can. Likewise find out how soon monthly statements go out after the last day of the month. Ask yourself, honestly, whether their preparation and dispatch is being deferred to enable some work of lesser priority to be done.
Future Practice Owner.
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