How to avoid problems with debtors

You can save valuable management time and resources when it comes to dealing with debt if you have the right processes in place in your business.
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This could include checking whether a new customer has any court judgments outstanding against them. This can be done by an online search.

Ensure that every customer is issued with a tightly drawn agreement or terms and conditions in which payment terms are clearly set out. For further information on various types of terms and conditions, read our guide on Terms and conditions.

Ensure that invoices are issued in a timely manner and in accordance with your terms and conditions or agreement. You can consider using an invoice template to help with this.

Updated and coordinated records are essential to effective debt collection.

An audit trail of credit related documents will facilitate prompt payment, as well as establishing the indebtedness in the event of late or disputed payments and any subsequent legal action.

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