|Effective strategies to manage debtors|
|Set Credit Policy|
|Review Payment History|
When customers don't pay you on time, it will affect your cashflow. You will need effective strategies to manage your debtors, and ensure that you remain in business.
Here are 6 strategies that you can use with your MYOB Accounting software to exercise control over your debtors.
1. Set credit policy
2. Review Payment History
3 Review problem accounts
4. Set reminder / alert at order stage
5. Categorise customers for detailed analysis
6. Analyse who buys and what they buy
Setting up credit controls and overall better managing of debtors will improve your chances of payment when things go wrong for customers.
If your customers know you mean business, and if you take the appropriate steps in a disciplined manner, they are more likely to pay on time.
Detailed explanation of how to execute those strategies in MYOB Accounting software is shown below.