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Christmas is coming so get ready for those late payment excuses!

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13 years 4 months ago #288 by David J
Christmas is coming so get ready for those late payment excuses! was created by David J
I posted this as an article in the news section but I thought it would be a good idea to post these 12 Christmas cash flow rules here as well.

If you have a tip that you would like to add please post it here!

David

Follow these 12 simple cash flow rules to ensure you don't end up without a Christmas Turkey on the table!

1. Be aware that without forward planning the Christmas close-down period can delay payment to your firm by more than 28 days;

2. Ensure that you are aware of your major customers’ Christmas opening hours to avoid wasting time when chasing payments;

3. If payments from customers are due during close-down periods, attempt to negotiate earlier payment dates;

4. Do not let credit limits get out of hand because of extended payment times over the December and January period;

5. Do not get behind with your own invoice and statement schedules over the Christmas period;

6. New customers seeking large credit facilities over the Christmas period may be hunting for credit from unsuspecting (and busy) suppliers;

7. Ensure that you obtain as much information on new accounts, including credit checks, no matter how busy you are;

8. Do not supply new goods or services if your customer has exceeded reasonable overdue periods – regardless of their credit limit;

9. Plan and budget your own expenditure over this period because, inevitably, payment terms can be disrupted over December and early January;

10. Take action on those accounts that are beyond credit limits now. Do not wait until the New Year when your debtors will have other pressures.

11. Use the quiet, close-down period to review your terms and conditions, ensuring that they are up to date and that they include reference to the late payment legislation interest terms;

12. Keeping to the above rules will ensure a Happy Cash Flow Christmas!

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  1. Discussions forums
  3. Pay on time supporter forums
  5. Late payment questions and answers
  7. Christmas is coming so get ready for those late payment excuses!
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