Debtor & Creditor Management
For all small business, the process of debtor management and creditor management can be stressful. A culmination of so many areas of your business, when you don’t have the available funds to pay creditors, or are struggling to collect funds from debtors, it can become a vicious cycle. Enjoy releasing the important responsibility of credit and debtor management, enforcing procedures and significantly decreasing your administration with the expert services of Growth IQ.
What is debtor management?
Debtor management is the process of managing the debts owed to you, with the collection of monies as your primary activity. It’s important to ensure your debts are collected on time, with the proper administration processes surrounding this activity to make sure your customers understand their responsibilities and adhere to the initial terms of your agreement.
What is creditor management?
Creditor management is the process of ensuring you have the liquidity and processes in place to manage your bills, both regular and ad hoc. Paying your expenses on time ensures you maintain strong relationships with your service providers, and is a good measure for the health of your business.
Why do businesses need to manage both?
We’ve all done it. Small businesses often find themselves shaking their heads and chasing funds after a friendly handshake agreement goes awry. Professional debtor management is essential to your creditor management, and helps to increase the professionalism of your business – both perceived and actual.
- Ensure liquidity
- Maintain professionalism
- Learn to optimise available funds and cashflow
Growth IQ’s approach
Creditor and debtor management is without a doubt one of the most painful components of managing a small business – but you don’t need to do it alone! Get Growth IQ on your side to help you navigate your debtor management procedures and give your cashflow a new lease on life.
Our bookkeeping experts are equipped to navigate varied industry regulations and laws, and will create processes surrounded your debtor management procedures to increase the professionalism of your services Our team will follow up outstanding payments to ensure money is received in a timely manner, freeing up your time for more specialised tasks.
Let Growth IQ take debt collection and creditor management off your plate. Implementing our professional and streamlined creditor and debtor procedures gives you the chance to take a big deep breath and enjoy the comfort of structure.