Cash payments seem to be a thing of the past especially with the introduction of contactless payment bank cards. And not only that, cash is not accepted as the appropriate payment method for some type of purchases such as transport systems services.
Tagged: credit control
We are regularly contacted by people who refer to their previous usage of SunAccounts as their finance system and Systems Union as the vendor or author. These tend to be senior finance managers and consulting advisory people of a certain age.
Turning your debtor-dues into cash is the primary goal of your collections team. It is the imperative that maintains the business viability; get the cash that we are owed. The reality is some debtors are more reliable than others when it comes to settling their accounts.
The mere fact that any business has debtors implies that it is financing the ability of its customers to purchase from the business. This fact is balanced to the extent that the business itself obtains credit (funding) from its suppliers.