The Debtor is in the Detail
THE 'DEBTOR' IS IN THE DETAIL– Part 1
After years in business at Cowhie Management, it never ceases to amaze us how often debtor receipts are just posted as payments on account, and not allocated to the correct invoices. This can happen for any number of reasons but usually because there is no remittance advice issued or there are no details on the bank.
We can’t stress enough how important it is to find out what your clients / customers are paying. If they have not given you a payment / remittance advice, then ask them what they are paying. This will save so much time, money, and frustration in the long run. It can so easily go on the long finger and before you know it the account is a mess and trying to get the money in becomes much more difficult.
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