Credit control management. A bit of a mouthful to say, but it’s an essential function in every business. But what does it mean? Credit management encompasses all financial services related to company cash flow into a business, which is essential for business stability or growth. If your company has poor credit control policies in place, you may struggle to recover your debts.

The most important functions of credit management are payment collection, and the management of client relationships to monitor payment performance. Establishing clear procedures for credit is a priority for your business before you even open the doors to sales.

If you don’t have strong credit processes and procedures in your business, getting these in place is the first step towards better cash flow. At the minimum you should have a team member who is able to administer the following for you: