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Customers who do not pay you when their invoice is due can severely impact your cashflow!

Cashflow is king in a business………

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When it works, all is well, but when cashflow is slow, that’s when big problems can arise. No business owner wants to be spending time calling customers and demanding payment or be unable to pay suppliers due to lack of money in the bank!

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If you’re finding that this is the case in your business, it’s probably time you introduced a credit control process.

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When your customer take longer than your payment terms stipulate to pay your invoices, you will need to chase them up for payment, for example by phoning them to remind them about the invoice, or by sending them an email reminder. This is called credit control.

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If you're concerned that credit control might damage your relationship with your customers, let Blu Bookkeeping remind your customers for you.

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What we can do to help

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1. Alleviate the stress of chasing your customers for payment  

2. Give you more time to spend on your business.

3. Ensure cash flows into your business when due.

4. Keep customer debt under regular review.

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How we do this

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Over 30 years’ experience has taught us that having a clearly defined process in place from the time you issue the first invoice to a customer is key to ensuring that all invoices are paid on time.

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     We will create a free credit control process bespoke to your business.

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First Steps

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Call or email us to discuss how we can increase your cashflow                     0118 348 9284

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During our initial discussion, we will ask questions about your business and we will require access to your unpaid invoices and customer contact information. Don’t worry – we will sign a non-disclosure agreement.

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We agree the amount of time you want us to spend on your credit control per week and we will invoice you monthly.

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                                      Email for more information  julie@blubookkeeping.co.uk

 

 

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What a simple credit control process looks like

(We make the assumption that nothing is wrong with the goods or service)

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1. Raise the invoice asap – send via email

2. Raise an end of month statement of account that clearly shows when the invoice is due for payment.

3. Send a reminder letter after the due date has passed.

4. Call the customer to request payment.

5. Send a second reminder letter requesting payment by a certain date and inform customer that legal action will be taken if payment is not received by that date.

6. Call the customer to ask why payment has not been received, and if no payment is made tell customer that you will be taking legal action.

7. Pass the invoice to a debt collection agency (fees are reasonable)

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Software that helps get you paid faster

 

Use invoice software that automates to get your invoices paid faster!

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Most modern software has automation that will send invoices, statements, reminder letters without you having to. You just have to set the initial templates up and decide on the automation flow.

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      Call us now to discuss how software can help with your cashflow  0118 348 9284

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                                                   We are certified advisors for Xero Software

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Payment Providers to help you get paid faster

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Alternative ways to pay will give a customer options that could coincide with their way of doing business, so have a look at payment providers like

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iZettle

Sumup

Square

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These providers let you take card payment online for a fee of 2.5% per transaction with no set up or monthly fees.

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For regular invoices (also know as recurring payments), try using Go Cardless for monthly payments. 

 

Works just like a direct debit, with a transaction fee of 1% and the comfort of the direct debit

guarantee.

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We can help set up any of these for your business.     

 

Call us to see how we can help improve your cashflow   0118 348 9284