Payment Terms - ICM & BIS Managing Cashflow Series Part Two

After ensuring your company really knows your customer, knowing when you can expect your invoices to be paid is the next step in an effective credit control process.

Agreeing payment terms in advance helps to ensure both parties accept and understand their obligations and allows for the creditor to forecast the arrival of funds, a key survival strategy in today’s turbulent economy.

Knowing Your Customer - ICM & BIS Managing Cashflow Series Part One

One of the single most important aspects of effective credit control in any business is ensuring that you know exactly who you are dealing with, before any credit is provided.

If you don’t know who your customer is, it is impossible to correctly identify the risk involved in providing credit and means your company is doing business “in the dark”.

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