How Can Your Business Create An Effective Credit Control Process?

Businesses across the UK are at the centre of an unsustainable culture of late payments. Prior to the pandemic, late payments caused 50,000 SMEs to fail each year.

Now, there is an increased fear that even more businesses across the UK will continue to fall as a result of the catalyst that was the pandemic and the increased costs our economy is facing.

As many companies begin to find a new normal, they may also find their growth plans impeded by the lack of cash flow caused by late payments from debtors.

Bearing this in mind, what steps can businesses take to create effective credit control procedures to mitigate the risk of negative cash flow as a result of outstanding invoice payments?