CREDIT - BEST FRIEND, WORST ENEMY
The extension of credit is usually necessary to conduct your business. This is a given but you should never forget that you are granting a loan to the person/entity to whom/which you are extending credit.
Your bank would never grant you a loan without the appropriate paperwork, and you should apply the same principles to your business.
Credit Management Section
The Credit Management section of Ozbiz PCLawyer contains a complete set of "best practice" documents for debt collecting. As a businessperson you know that determined and consistent follow-up is the key to successful credit management. Ozbiz PCLawyer makes it easy for you to do this - once you have issued the first document, the debtors details are saved and in most cases all you have to do is select the debtor, select the next document stage, print and post(or email or fax).
This section of PCLawyer also contains pro forma requests for credit information, and an Ozbiz-supported Final Notice for collecting your most difficult debts when things come unstuck.
Nothing is guaranteed however.
You are probably already aware that over the course of your business life 5-10% of your debtors will never pay. Ozbiz PCLawyer will help you keep these bad debts to a minimum.
Regular followup is essential to good credit management. Ozbiz PCLawyer assists you by maintaining an archive of all notices you have sent out.
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