Every business suffers the pain of late and slow paying customers. The Coronavirus crisis means that many more suppliers may default on their payments, leading to a knock-on effect for your business cash flow.
Now is the time to ensure that your credit control function is working efficiently. If you don’t have a dedicated in-house facility, you can outsource this business function in the short term to help your business ride the economic storm.
A good credit control system is reliant on your business issuing invoices without delay so that any lapses in adhering to terms of payment can be followed up as soon as they become due.
As a business owner, you will know that balancing the books and ensuring that your cash flow remains healthy is critical to ensuring your business not only survives but, in the long term, thrives.