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Top tips for managing your debtors

  • Thursday, June 14, 2012

1. Agree to payment terms in advance. 2. Research your customers by doing a credit check or have a look at the (creditor)watch website. (creditor)watch is an online community of Australian businesses who share information about bad debtors.

  • Agree to payment terms in advance.
  • Research your customers by doing a credit check or have a look at the (creditor)watch website. (creditor)watch is an online community of Australian businesses who share information about bad debtors.
  • Invoice accurately, clearly and promptly. Make sure the invoice contains everything required. Raise invoices as soon as the work is completed instead of waiting till the end of the month.
  • Send regular reminder letter/emails and insist on your terms being met.
  • Suspend accounts that are over due by more than 90 days to limit your exposure. Request full payment of outstanding account to resume trade account.
  • Actively follow up on overdue debtors. Don’t be afraid to ask for payment.
  • Promptly identify when it may be necessary to forward the account to a professional collection agency and do so if necessary.
  • Providing discounts to customers that pay early/upfront is a great incentive for customers to pay your invoice ahead of others.

If you would like more information on managing your debtors please contact our skilled staff on (07) 5538 0999.

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