Credit control is the process of managing payments coming into and going out of the firm. It is mainly concerned with the firm's creditors and the firm's debtors. Tight credit control and efficient credit management are critical in maintaining cash flow and ensuring profitability.
Invoice Processing – Invoice processing and management involves the handling of incoming invoices from arrival to post. Automated invoice processing can be of value to most businesses. Invoices have many variations and types.
Accounts Receivable – Accounts receivable is one of a series of accounting transactions dealing with the billing of customers who owe money to an organisation for goods and services provided. In most businesses this is done by generating and sending an invoice. The customer must then pay it within an established timeframe defined in agreed credit or payment terms. Delivery of invoices has traditionally been by post. Electronic delivery ('e–billing' or 'e–invoicing') offers huge cost savings over traditional methods as well as providing a rich source of invoice management and credit control data
Purchase Order – A purchase order (PO) is a commercial document issued by a buyer to a seller, indicating types, quantities, and agreed prices for products or services the seller will provide to the buyer. Sending a PO to a supplier constitutes a legal offer to buy products or services. Acceptance of a PO by a seller usually forms a one–off contract between the buyer and seller, so no contract exists until the PO is accepted.
Credit Limit – A credit limit is the agreed maximum amount of credit that a trading company will extend to a debtor for a particular line of credit. Often called a credit line.
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