5 tips for setting up your credit management
Strategic Credit Management requires attention and commitment from not just finance teams, but your sales guys and other key stakeholders within a business. The credit function is changing from what some perceive to be an administrative process to being much more of an added value to a business for greater business decisions. Great Strategic Credit Management can certainly help mitigate risk of late payments, reduce DSO and avoid the pitfalls of bad debt.
In this cue card, we discuss the following tips:
- Organising the process
- Use of resources effectively
- Deployment of people
- Build a business case
- Setup contingency plans