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Credit Control
Checking for Credit
Setting Credit Limits
Your Credit Terms
Everyday Credit Control
Delayed Payments
Chasing Debts
Working with Big Companies

Credit Control

7. Working with Big Companies

Many start-ups, especially those selling services, find their early customers include big companies or public-sector bodies. Because getting cash in is so urgent for a small business you should be aware how different the culture of larger customers may be.

7.1 You need to know where invoices must go.

  • Your invoice may need to be sent for authorisation to the buyer you deal with.
  • Alternatively, invoices may have to be sent to the customer accounts manager or the bought ledger department.
  • You may need to be on an approved suppliers list.

7.2 Large organisations may decline to pay your invoice until they receive a statement.

  • Send statements as early as you can in the month, every month.

7.3 Your vital invoice may be gathering dust in someone's in-tray.

  • Call the buyer to ensure it has been signed off and put into the payment system.
  • Then phone the accounts office to confirm it has been received.

7.4 You must not miss a payment run.

  • Many organisations will only pay invoices once a month.
  • Find out the date and call a few days before the payment date to ask for confirmation that you will be paid.
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