In a past article we explained what exactly a business credit policy is and the importance of making sure it is updated regularly; but what is the goal of a business credit collection policy? How do you make sure it is effective? Your credit and collections policy can be as in depth or as brief as you would like, but keep in mind that even the most basic policy should help a company answer the following questions. Continue reading
One of the biggest mistakes a company can make when it comes to their accounts receivable is not implementing a credit policy. Establishing a credit policy that everyone must follow ensures that you will not be conducting business with a company with a reputation of never paying on time – or never paying at all. However, a lot of small businesses struggle with where to start when establishing a credit policy in QuickBooks, so we’ve highlighted all the important tips for creating a credit policy.