My Gp Cloud Assisting In Understanding Credit Policy

If you extend credit to your customers, you might want a credit policy by using web based accounting software and online great plains

. A credit policy sets, "guidelines that will show tips on how to choose which customers are sold on open account, the precise transaction terms and conditions, the limitations fixed on outstanding balances and how to cope with delinquent accounts."

When times get tough, your customers may be enticed to pay your invoices. According to MY GP cloud, do not let them. When you allow your customers to violate your credit policy, many things can happen.

Once established, you need to stick to it. Having a credit policy that is not enforced is useless. Otherwise, you can get into troubles like agreeing to your customer"s weak payment overall performance may seem like it truly is strengthening your relationship with each other. It is not. Agreeing to very poor payment overall performance tends to pervert an otherwise excellent business relationship. Their bond could just continue to weaken. Once your customer knows that you will accept poor payment performance it will entice them to take further advantage of you.

In accordance with online great plains, a built-in ERP set up is essential to remaining on top of your accounts receivable and even executing your credit policy.

According to MY GP cloud, while it might appear counter-intuitive to believe that your client relationship may improve by not taking slow payments, it is not. I have seen it happen sometimes. Adhere to your credit policy.

These are few features of an integrated ERP system and online great plains, which helps you to enforce your credit policy and protect your business:

1. Make sure that sales of items and additionally solutions to your customers are accurately documented on a well-timed basis. Sales needs to be accurately noted to cut back or perhaps eliminate billing disagreements with your consumers. Sales really need to be documented on time basis to make sure that payment terms based on document date start as early as possible.

2. Provide a continuously updated listing of accounts outstanding so that credit managers and others are fully informed about the business"s investment in accounts receivable.

3. Offer business warnings to inform credit operators and others when ever specific accounts are violating your credit policy to ensure that corrective actions can be taken quickly.

Sometimes your customers try to make their problems your problem. This is completely unacceptable, as you have enough to worry about and you do not need more problems.

The professional services industry has significant challenges in these areas. Often time, businesses in this industry invoice their customers for time spent by their employees to deliver services for their customers. Getting employees to record time on a timely basis and having the time properly reviewed and approved can be problematic. Then getting all the recorded time priced properly and included on customers" invoices can be a long and tortuous process.

An internal ERP system and web based accounting software from MY GP cloud that enables for time entry and flexible invoicing procedures can help you adhere to top of your credit policy.

For more details regarding online ERP software, go to at : http://articles.pubarticles.com/how-to-my-gp-cloud-supporting-in-defining-credit-policy-1345200636,1066206.html

Article Source - http://blog.mygpcloud.com/2012/07/define-your-credit-policy-and-stick-to-it

by: Aldus Logan

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