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Expert Advice on how to improve your
Credit Control
CCI Legal Services Ltd
Initial contact – Taking and Receiving a New Order
Purchase Orders
Courtesy ServiceTelephone Call
Invoices and Statements
The Reminder Letter
Telephone Call
Debt Collection
Presentation Content
Your PaymentTerms
As well as discussing with all new clients, talk with your
suppliers
You should also include your right to make a LATE
PAYMENT and INTEREST charges
Ask to sign and date your terms
CREDIT CHECK
Are you dealing with a Sole Trader or Partnership.
DO NOT BE AFRAIDTO PUSH FOR ALLTHE
INFORMATIONYOU NEED – IFYOU DON’T GET IT AT
THE START IT IS HARDER AT A LATER STAGE.
Write a CREDIT POLICY – That you and all your
employees should follow. With No exceptions
New Order
Does the value shown agree to that of your quote.
Does the description of goods or service agree to your quote
Is there any small print showing their payment terms differing from
yours
Does it come from the same customer name, or is it from another
entity
DO NOT ACCEPT IT IF ANY OF THE ABOVE DO NOT AGREE – GET IT
CHANGED !
Purchase Orders
Call to inquire about the level of satisfaction
Call the Accounts Department “If Different”
Highly Professional
Customer Service “Important From Beginning to End”
Courtesy CustomerTelephone Calls
Clear and Concise Layout.
Customer Order Number.
Date, Reference and Total.
Good Layout for the Description of Goods.
Method of Despatch.
Bank Details.
Clearly show your Payment Terms.
Include your Right to make Late Payment and Interest Charges.
ALWAYS INVOICETHROUGHOUTTHE MONTH NOT JUST AT THE END
OR THE BEGINNING BECAUSETHIS WILL IMPACT HEAVILY ONYOUR
CASH FLOW.
Invoicing
Eye – Catching Appearance ( Colour and Layout )
Highlight Overdue Items dramatically
Print variable messages about Overdue items
Encourage your clients to send back your Statement, or have a tear off
part of it, with the payment to make matching easier
Statements
Address to a named individual, Otherwise Job Title
Sign It Personally
Show a job title with Authority
Show a Phone Extension
Keep words simple and direct
Never more than one page in length
Amount Due – Prominence at the top of the letter
Only one Final Letter/Demand
ALWAYS DO WHATYOU SAY, WHENYOU SAYYOU WILL
Reminder Letters
Preparation.
Control the conversation.
Always confirm the Method of Payment promised.
Always read back the main points making sure you have taken the
information correctly.
Make a Diary Note to follow up. Keep this with a record of all collection
activity, it will be vital later.
Has the Customer confirmed Receipt of the invoice? (See Courtesy
Call).
Collecting ByTelephone
Always consider outside help to collect difficult debts before they
become statute barred or write offs.
What is the growing cost of you chasing these debts. I.E. Lost time,
Lost Sales, Lost Revenue, Bad Client Relations, Bank Charges, Interest
Etc.
In Experience of Bookkeepers – (Not Credit Controllers) Someone
good on the phone, you Personally.
Independent Collection Agencies are without a doubt the most
accessible and Economically effectiveThird Party Collection
Assistance Available.
Using a Debt Recovery Agency as a proactive response to book debts
makes SOUND COMMERCIAL SENSE. This not only assists in
improving cash flow, but also in keeping valued customers and them
less likely to default in the future !
Debt Collection
Third Party Collections
Huw Williams Business Development Manager at
CCI Legal Services says
“This presentation is a great way for companies
to fast track your Credit Control Function into a
most profitable process and to safeguard your
business against unpaid invoices, for a free copy
of the notes that go with the presentation please
email me at huw.williams@ccilegal.co.uk”
CCI LEGAL SERVICES

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CCI LEGAL Improve your Credit Control for free

  • 1. Expert Advice on how to improve your Credit Control CCI Legal Services Ltd
  • 2. Initial contact – Taking and Receiving a New Order Purchase Orders Courtesy ServiceTelephone Call Invoices and Statements The Reminder Letter Telephone Call Debt Collection Presentation Content
  • 3. Your PaymentTerms As well as discussing with all new clients, talk with your suppliers You should also include your right to make a LATE PAYMENT and INTEREST charges Ask to sign and date your terms CREDIT CHECK Are you dealing with a Sole Trader or Partnership. DO NOT BE AFRAIDTO PUSH FOR ALLTHE INFORMATIONYOU NEED – IFYOU DON’T GET IT AT THE START IT IS HARDER AT A LATER STAGE. Write a CREDIT POLICY – That you and all your employees should follow. With No exceptions New Order
  • 4. Does the value shown agree to that of your quote. Does the description of goods or service agree to your quote Is there any small print showing their payment terms differing from yours Does it come from the same customer name, or is it from another entity DO NOT ACCEPT IT IF ANY OF THE ABOVE DO NOT AGREE – GET IT CHANGED ! Purchase Orders
  • 5. Call to inquire about the level of satisfaction Call the Accounts Department “If Different” Highly Professional Customer Service “Important From Beginning to End” Courtesy CustomerTelephone Calls
  • 6. Clear and Concise Layout. Customer Order Number. Date, Reference and Total. Good Layout for the Description of Goods. Method of Despatch. Bank Details. Clearly show your Payment Terms. Include your Right to make Late Payment and Interest Charges. ALWAYS INVOICETHROUGHOUTTHE MONTH NOT JUST AT THE END OR THE BEGINNING BECAUSETHIS WILL IMPACT HEAVILY ONYOUR CASH FLOW. Invoicing
  • 7. Eye – Catching Appearance ( Colour and Layout ) Highlight Overdue Items dramatically Print variable messages about Overdue items Encourage your clients to send back your Statement, or have a tear off part of it, with the payment to make matching easier Statements
  • 8. Address to a named individual, Otherwise Job Title Sign It Personally Show a job title with Authority Show a Phone Extension Keep words simple and direct Never more than one page in length Amount Due – Prominence at the top of the letter Only one Final Letter/Demand ALWAYS DO WHATYOU SAY, WHENYOU SAYYOU WILL Reminder Letters
  • 9. Preparation. Control the conversation. Always confirm the Method of Payment promised. Always read back the main points making sure you have taken the information correctly. Make a Diary Note to follow up. Keep this with a record of all collection activity, it will be vital later. Has the Customer confirmed Receipt of the invoice? (See Courtesy Call). Collecting ByTelephone
  • 10. Always consider outside help to collect difficult debts before they become statute barred or write offs. What is the growing cost of you chasing these debts. I.E. Lost time, Lost Sales, Lost Revenue, Bad Client Relations, Bank Charges, Interest Etc. In Experience of Bookkeepers – (Not Credit Controllers) Someone good on the phone, you Personally. Independent Collection Agencies are without a doubt the most accessible and Economically effectiveThird Party Collection Assistance Available. Using a Debt Recovery Agency as a proactive response to book debts makes SOUND COMMERCIAL SENSE. This not only assists in improving cash flow, but also in keeping valued customers and them less likely to default in the future ! Debt Collection Third Party Collections
  • 11. Huw Williams Business Development Manager at CCI Legal Services says “This presentation is a great way for companies to fast track your Credit Control Function into a most profitable process and to safeguard your business against unpaid invoices, for a free copy of the notes that go with the presentation please email me at huw.williams@ccilegal.co.uk” CCI LEGAL SERVICES