One of the essential services we can provide is a customer creditworthiness assessment. We offer this service to many companies so you can find out about the credit history of the client you’re about to do business with. This service also allows already existing customers to undergo periodic reviews. This assessment phase plays an essential role in the credit management process. With this, you will understand your customers’ financial position and statements and know how to approach them to get your payments.
Evaluation of the credit management process
Another service you will enjoy from us is proper documentation and evaluation of your credit management process. Through this service, you will be aware of the credit management process across the departments within your company. This way, we can ensure the tasks and responsibilities of individuals in other departments are clear to everyone. Also, this documentation plays a crucial role in collecting invoice payments. Periodical evaluation will determine how well your credit management process meets the organization's needs.
Credit management goals
We can also help you set attainable customer credit management goals. A good credit management goal’s value is that it helps avoid unnecessary risks and creates opportunities for improvement. Therefore, setting attainable goals and actions helps in measuring your performance periodically, and applying changes when necessary. A few objectives you can establish for strategic credit management include;
- to keep improving your customer credit control procedure
- to reduce the number of bad debts and annual depreciation
- constantly compare your results with those of your industry peers
Most credit collection delays result from your client facing an undeniable financial crisis. As a credit management agency, we will help you strike a balance between you and your client's demands. With this service, you will be able to understand the financial position of your suppliers. You will learn what’s wrong with them, including any past credit difficulties they may have faced. This will enable us to work closely with you and your client to implement a strategy that best suits everyone.