Credit Control Guide
In one of our recent surveys, 74.7% of respondents said that late payment severely affects cash flow and poses a 'considerable threat' to the viability of their businesses. Late payment continually features in the commentary that we receive from our members and it is important that small firms are released from this stranglehold in order for them to be able to compete more effectively with bigger businesses.
 
Late payment was a major concern for our members as far back as the 80s and 90s, which led us to campaign for legislative reform. Our success in achieving not only UK legislation, but also a European Directive, was a direct reflection of the support and encouragement shown by our members.
 
However, although legislative reform has been useful, there is no substitute for individual businesses managing credit control effectively. Our Credit Control Guide contains a wealth of information and examples for managing cash flow. Much of the information may already be known to you, yet there will undoubtedly be something in here you weren't aware of and, above all, it is a practical and usable guide that will ensure you can minimise late payment to your business.
 
The Guide is available FREE to all intermediate, advanced and expert members of the FPB. Click here to access the Guide.
 
Note: You must be logged in as a member to view the online Guide. Click here to find out more about logging in to the website.
 
If you aren't yet a member of the FPB, you can read a sample chapter on managing debt or sign up for membership now.
 
The Guide covers:
    • Credit control procedures and the impact of late payment, plus includes examples to assist you in calculating the impact of late payment on your own business.

    • How to assess potential customers' payment reliability, set up credit accounts and terms and conditions.

    • Debt management measures you can take to ensure your debts are paid, plus external agencies you can engage to help you collect outstanding debts.

    • Commercial mediation, arbitration and trade credit insurance.

    • Taking legal action - what you need to consider before embarking on legal action and how to proceed in England and Wales, and in Scotland.

    • Factoring and invoice discounting, the pros and cons, and how the process works.

    • Useful information including the contact details for organisations you may find helpful in managing your cash flow.

    • 15 credit control templates for you to adapt and personalise for your business including sample terms and conditions of contract, credit account statement, order confirmation, purchase order, delivery note, invoice, first reminder letter and letter of final demand.