Effective credit control is one of the most important aspects to running a successful business. Without money coming in on time, your business’s cash flow can be severely affected and the associated problems can quickly get out of hand.

What many businesses fail to realise is that the process of avoiding the problems of late payment and bad debt begins as soon as an order is placed – and your credit control procedures should reflect this. It’s a vital process that starts with knowing your customers before you sell to them and only ends once you have been paid.

Here, we break down the credit management process into four key stages and provide step-by-step credit control tips, tactics and procedures for businesses to follow in order to get paid on time, every time.