A suppliers checklist to help getting paid on time.
When you are negotiating or quoting
Have you told the customer clearly when payment is required?
Have they agreed when payment will be due?
When you take the order
Do you acknowledge it in writing, emphasising the payment terms?
If the customer is new to you
Do you always require a Credit Application form?
Do you check the customer's solvency?
Do you check the customer's payment reliability with others?
Do you send a New Account Welcome letter stressing the payment arrangements?
When the goods are delivered or the service supplied
Do you get proof of delivery or written acceptance?
Does your invoice show the customer's order reference?
Do you invoice within 24 hours of delivery/supply, stressing the due date?
Do you send a monthly statement of account?
For collecting unpaid sales
Do you have a daily account display?
Do you apply specific resources to follow-up debts?
Do you visit or telephone all large accounts?
Do you have a good letter programme for all small ones?
Do you fax customers avoiding you?
Do you have a clear policy on stopping supplies to slow payers?
Do you have a timetable for collecting with defined steps at stated intervals, until payment or insolvency?
If you are a director or owner
Do you monitor daily collections and correct bad trends promptly?
Do you devote enough skilled time, including your own, to collections?