"My business has grown substantially over time and Whitehill have been very supportive every step of the way, making sure all my business needs were covered."
(Paul, Managing Director, Novum Media Ltd)
five star review


 
No Results
1
IR35 and why it might matter to you
March 1st
1
Do I need an accountant or a bookkeeper?
June 28th
1
Ten tips to reduce your tax bill
June 28th
1
Sole trader vs limited company
June 28th
1
Record keeping and dividends
June 28th
1
All about the Quickbooks mobile app
June 28th
1
Why management reporting matters
June 22nd
1
How to record your expenses
June 22nd
1
Travel expenses and what you can claim
June 22nd
1
Cloud bookkeeping
June 3rd
1
FAQ about cloud bookkeeping
May 20th
1
Xero cloud bookkeeping
May 20th
1
Quickbooks cloud bookkeeping
May 12th
1
Our promise
June 10th
1
About us
June 10th

Credit control

Credit control

What is credit control?

credit.jpg

Credit control means confidence in extending credit terms to customers, and avoiding losses due to customers failing to pay. Credit control aims to both;

  • increase sales revenue by extending credit to customers who are deemed a good credit risk, and
  • minimise risk of loss from bad debts by restricting or denying credit to customers who are not a good credit risk.

Credit control is also called credit management, or credit risk management.

What we provide 

We believe effective credit control happens before someone fails to pay. To judge a customer's creditworthiness we rely on available credit checks (we have an account with credit rating agencies), and our processes typically include taking up references for businesses. From this we can draw up recommendations of how much credit to extend, although the final decision  always rests with you, the client. Once an invoice is sent we will track payments against the agreed terms and where necessary issue statements and letters chasing late payers. We will also keep you updated on the progress of recovery from any late payments.

How does it work?

Before you agree credit terms with a customer, give us the details. We will give you an indication of potential creditworthiness within 3 days, and take up references for them if you agree we should do so. We then send you a recommendation on how much to offer and for how long; the final decision always rests with you.

Once credit terms are agreed we will update our systems and monitor payments against the credit terms issued. We will send out statements as payments become due and chase late payments with a letter or email. Finally, as soon as a payment becomes overdue, we will ensure you're aware and continue to update you.