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Credit management includes all activities aimed at helping your organisation maintain control over outstanding invoices. From the moment an invoice is issued until payment is received, credit management is designed to accelerate payments while maintaining strong customer relationships.
Table of contents:
Credit management is the process by which companies manage their accounts receivable—from issuing invoices to receiving payment. A good credit management process consists of several elements:
Credit management involves the systematic handling of outstanding receivables with the aim of maintaining a healthy cash flow and reducing financial risks.
Properly implemented credit management ensures stability in your working capital, minimises risks, and reduces the number of outstanding invoices.
A poorly structured credit management process may have an immediate and significant impact on your organisation. It leads to increased DSO (Days Sales Outstanding), higher risk of non-payment, and ultimately potential liquidity issues. Did you know that one in five bankruptcies is caused by late payments?
Especially in growing businesses with an increasing number of clients and invoices, effective credit management is crucial. It gives your team more insight and saves valuable time. Automating the process with a solution like Payt helps you streamline operations and reduce errors.
With Payt, you have everything you need to optimise your credit management. Our credit management software automates reminders, provides real-time insight into customer payment behaviour, and monitors key KPIs such as your DSO.
Through the customer portal, clients can easily pay or contact you about an invoice. This keeps the process efficient while keeping communication personal and efficient.
Curious to know what Payt can do for your organisation? Download our brochure below.
Character, Capacity, Capital, Conditions, and Collateral – these factors help assess a customer’s creditworthiness.
Credit management includes all processes from credit checks, invoicing and follow-up to reminders, collections and risk management.
Key metrics include DSO (Days Sales Outstanding), percentage of outstanding invoices, collection time, and customer payment behaviour.
A good credit manager combines analytical skills with strong communication. They are proactive, customer-focused and safeguard the financial health of the company without losing sight of the client relationship.
