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Cutting Collection Costs & Manages Your A/R & Debts Properly?

Mr. Benedict Wong is the Managing Director of Total Credit Management Services HK Ltd.

Slow payers, delinquent accounts and collection costs are indispensable realities of any business that offer consumers/buyers to purchase on credit. Extending credit is nowadays a strong marketing tool to increase your business and gross sales, but also carries risk!

Managing account receivables wisely and correctly and maintaining effective controls will help to reduce the losses that are often associated with credit granting.

There are some basic rules a credit grantor should follow when extending credit in order to avoid collection problems and costs in the future.

Following suggestions may well be able to assist you when granting and extending credit:

All credit grantors suffer from some debt losses. Creditors who can keep their costs to a minimum can pass the savings on to customers. Most importantly, a well management of your cost strengthens your business and competitiveness!

Created on 18-Jan, 2001 by HKCCMA.

Last Edited on 18-Jan, 2001 by HKCCMA.