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 Good credit management is an important business strategy to maintain cash flow and stable finances. A cornerstone of managing credit is not only making sure an invoice gets paid, but gets paid on time. Before a debt recovery process commences, which may delay payment and damage a relationship with a customer, it is worthwhile for businesses to use processes to avoid customer debt in the first place. Prepare customers Making sure the customers understand their payment terms from the start is the first step in training them to keep track of outstanding invoices and payment due dates. Keep detailed records Businesses should keep all customer records such as payment term agreements, customer limits and outstanding sales. Follow up regularly Starting a ‘follow up’ procedure once a payment becomes overdue can help speed up the process. It is also very important to know exactly who to speak to about payment matters. Implement payment-in-full Most businesses adopt this policy in regards to pa