Renae Pitargue, Author at BUSY01 and First Class Accounts Ovens and Murray

All Posts by Renae Pitargue

How to exit your business

Getting ready to exit your business

Getting ready to exit your business

Selling your business is a significant milestone that requires careful planning and strategic preparation. 

To ensure you get the best possible return on your investment, it's crucial to have a solid exit strategy in place. At First Class Accounts Ovens & Murray and Busy01 Consulting, we specialise in helping business owners develop and implement effective exit plans.

When you sell up, you want your business to have as much inherent value as possible – so you get a good price, a great return on your investment and the best possible payout.

So, how do you take yourself ‘out of the business’ as the founder, add the best value and set up an effective and financially beneficial exit strategy?

Exit your business - add value to your company

Whether the goal of your five-year plan is an acquisition by a larger corporate, or selling your share of the company to a chosen successor, it’s critically important to focus on adding value.

The more attractive the business looks in the market, the better the price you’ll achieve, or the better the yield you’ll see on selling your company shares.

To drive that value:

Work on the business, not in it

Working on the business means you’re no longer a fundamental part of the day-to-day operations and can focus on the higher-level strategic elements. 

This means building a strong management team and delegating responsibilities effectively. It also involves creating systems and processes that allow the business to run smoothly without your constant involvement. 

By doing this, you enhance the business's attractiveness to potential buyers, who will see a well-organised, self-sufficient operation.

Invest in adding value

Keep profits in the business, reduce your personal drawings, and plough that money back into growth and investment. This might include upgrading equipment, expanding your product line, improving your online presence, or enhancing customer service. 

By continuously reinvesting in your business, you not only boost its current value but also make it more attractive to potential buyers.

Improve your financial health

By taking control of your finances and building a strong balance sheet, positive cash flow, and attractive profit forecasts, you make your business more appealing to buyers. 

This includes maintaining accurate and up-to-date financial records, managing debt effectively, and ensuring that your financial statements reflect the true value of your business. 

A business with healthy finances is more likely to attract serious buyers and command a higher sale price.

Have a proper exit strategy

Develop a plan that has agreed targets, so you can track and measure whether goals are hit, and a strategy your team can get behind. 

Your exit strategy should include identifying potential buyers, understanding the market value of your business, and setting a timeline for the sale. It’s also crucial to consider the tax implications of selling your business and to plan accordingly to maximise your post-sale benefits. 

Make sure your team is aligned with this plan to ensure a smooth transition.

Talk to us about exiting your business

If you’re looking to sell up, you need a plan. Come and talk to us about creating a workable exit strategy, with a clear focus on driving value and delivering a solid return on your investment.

Get in touch to build your exit strategy.

Selling your business is a major decision that requires careful planning and expert advice. At First Class Accounts Ovens & Murray and Busy01 Consulting, we are here to help you every step of the way. Contact us today to discuss how we can assist you in creating a comprehensive exit strategy that ensures you get the best possible return on your investment.

Top 8 Things to outsource in your business

Top 8 things to outsource in your business

Top 8 things to outsource in your business

Scaling your business requires a strategic shift from being deeply involved in every task to focusing on high-level planning and growth. To achieve this, you need to spend more time working on your business rather than in it.

This means dedicating your energy to strategic initiatives that drive growth, innovation, and long-term success. However, the day-to-day operational tasks can often consume a significant portion of your time, making it challenging to focus on bigger goals.

Finding ways to leverage your time effectively is critical, and one of the best strategies to achieve this is through outsourcing. Outsourcing allows you to delegate tasks that are either not within your core skill set or those that you simply do not enjoy. By doing so, you free up valuable time to concentrate on areas where you can add the most value.

Outsourcing these tasks to professionals can enhance the quality and efficiency of your operations, ensuring that critical functions are handled expertly.

Things you should consider outsourcing in your business:

1. Payroll

Managing payroll involves complex calculations, tax withholdings, and compliance with regulations. Mistakes can lead to hefty fines and unhappy employees.

Outsourcing payroll ensures accuracy, saves you time, and can even reduce costs. While utilising a payroll product is a great option, a professional payroll service will handle everything from wage calculations to tax filings, allowing you to focus on your core business activities.

First Class Accounts Ovens & Murray can help: We offer comprehensive payroll services that ensure your payroll is handled accurately and efficiently. 

2. Bookkeeping

Do bookkeeping tasks often infiltrate your evenings or weekends? Does the stress of these tasks piling up occupy your mind?

Bookkeeping is essential but can be time-consuming and stressful, especially if it spills into your personal time. By outsourcing your bookkeeping, you not only save time but also gain peace of mind knowing that your financial records are up-to-date and accurate.

At First Class Accounts Ovens & Murray, our bookkeeping services are designed to take the load off your shoulders, providing you with accurate and timely financial information. Let us handle your bookkeeping so you can focus on growing your business. Get in touch with us today to find out more.

3. Virtual CFO

Budgeting and forecasting are crucial for any business but can be challenging without the right expertise. A virtual CFO specialises in these areas, providing detailed budget analysis and accurate financial forecasts that help you plan for the future. They offer strategic insights, monitor your financial health, and identify opportunities for growth, ensuring you make informed decisions.

At First Class Accounts Ovens & Murray we offer comprehensive budgeting and forecasting services to help you plan effectively and make strategic decisions. We use cutting-edge software like Futrli to provide you with clear, actionable financial insights. Contact us today to learn how we can support your business growth.

4. Digital Marketing

From your content strategy to your social media accounts, if this is not a strength of yours, outsource it! There are many freelancers who have multiple clients at this level, who’ll likely be more knowledgeable regarding SEO and much more effective and efficient in general.

5. Graphic Design

Your brand is a key reflection of your product offering. If you don’t have the skill, software and time to do this well, you’ll potentially damage your brand.

6. Scheduling and administrative tasks

A Virtual Assistant can help you manage anything from your appointments to flights, emails and beyond (virtually anything admin). At a lower level, consider adopting software that’ll automate or minimise processes, such as self-booking appointment apps where your clients can schedule a meeting with you, e.g. Calendly.

7. Customer feedback

Many businesses miss this valuable opportunity to connect with customers and improve their experience. A Virtual Assistant can help, but there are also apps (such as Ask Nicely) that automate the process of asking for feedback; directing happy responses to leave you Google reviews and negative responses back to you to quickly resolve!

8. Inventory management

Too much stock can cause cashflow issues and affect sales price (due to resulting discounting), but not enough equals lost sales. Outsourcing inventory management can help you minimise stock-carrying costs and allow you to focus on more important things.

While outsourcing takes a little bit of setting up, it’s worth the short-lived pain for massive gain. We don’t have to be jacks of all trades. In fact, this thinking often leads to begrudgingly doing many things poorly rather than doing a few things really well – and enjoying doing them.

Tempted to start outsourcing some of your tasks to free up your time? We can help by taking the first three roles off your hands! We work with a number of our clients in this way, allowing them to focus on what they do best.

Work to your strengths, outsource the rest! Need help? Get in touch.

getting your business records ready

Getting your business records ready

Getting your business records ready for the End of Financial Year.

The end of the financial year can be a hectic time for business owners. Ensuring your records are in order not only helps you comply with legal requirements but also provides a clear picture of your financial health.

Preparing your 2023/2024 business records ahead of time can make the process smoother and less stressful.

This guide will help you understand what records you need to have ready and why it's essential to be organised.

What records do you need to have ready?

Asset Acquisitions and Disposals

Have you bought or sold any assets? Ensure you have full details of all acquisitions and disposals. This includes dates, values, and any associated costs. Proper documentation helps in calculating depreciation and capital gains tax.

Loan and Finance Arrangements

If you have taken out any new loans or other finance, you must have detailed records of these arrangements. This includes the terms of the loans and statements of monies owing as of 30 June. Clear records can prevent any discrepancies and help in financial planning.

Bonds and Deposits

Check that any bonds or deposits paid or received have been allocated correctly. Misallocations can lead to errors in your financial statements.

Prepaid Expenses

Have you prepaid for insurance or other large business expenses? Make sure to apportion these expenses correctly to the financial year they belong to. This helps in accurate expense tracking and budgeting.


If you carry stock, ensure you perform a full stocktake at 30 June unless you qualify for the simplified trading stock rules. Accurate stock records are crucial for determining your cost of goods sold and overall profitability.

Bad Debts

List any bad debts to be written off or pursued. Keeping track of bad debts helps in managing your receivables and can also have tax implications.

Loans with Related Entities

If you have loans with related entities, reconcile the loans to and from each entity to ensure the same value is reported in the accounts of both entities. Consistency in reporting helps maintain accurate financial records.

Payments to Company Directors

Ensure that all payments to company directors have been correctly captured. Accurate recording of these payments is essential for compliance and transparency.

Review Debtors and Creditors

Review your debtors and creditors (accounts payable and receivable). Ensure the list is current and accurate. Keeping this information up-to-date helps in managing your cash flow effectively.

Contact Information

If the contact details of business owners and key personnel have changed, let us and your accountants know. Accurate contact information ensures smooth communication and avoids any delays in the accounting process.

Other Considerations

There may be other matters to discuss such as capital gains, vehicle usage, private usage apportionment, or superannuation. Ensure these are also considered and documented accurately.

Importance of Record-Keeping

Remember, you need to keep all your business records for seven years. Store everything securely and, where possible, electronically for safety and ease. Proper record-keeping not only helps in compliance but also aids in financial planning and decision-making.

Final steps for Financial Year-End Preparedness

Getting your business records ready is not just about compliance; it's about having a clear understanding of your business's financial health. Proper preparation can save you time and stress, allowing you to focus on growing your business.

Talk to us today about how we can help you get your records ready for your accountant. Our expert bookkeeping services ensure your records are accurate, up-to-date, and compliant with all regulations. 

Keep Your Bookkeeping in Check: Outsource Your Bank Reconciliation

Get into the habit of doing your bank reconciliation

Keep Your Bookkeeping in Check: Outsource Your Bank Reconciliation

Staying on top of your business's financial health is crucial, and one key aspect is regular bank reconciliation. Many business owners struggle to find the time or expertise to manage this effectively. That's where outsourcing your bookkeeping comes in.

Get into the habit of doing your bank reconciliation

When it comes to bank reconciliation, it’s important to get into the habit of doing it often. Putting it off can mean bad things for your business records! 

What is Bank Reconciliation?

Bank reconciliation keeps your bookkeeping accurate and can help lower your tax, alert you to fraud, and allow you to track costs. It involves a comparison of your sales and expense records against the record your bank has.

Saving time

It can take a lot of time to do it manually, so you may want to consider using software. Most banks can send transaction data directly to accounting software like Xero through a secure online connection. However if you do bank reconciliation, do it often.

The longer you go without doing it, the longer it will take to catch up. It won’t just be that you have more transactions to do, it will take longer per transaction, because you’ll have a harder time recalling the details.

Why Outsource Your Bookkeeping?

Outsourcing your bookkeeping, especially tasks like bank reconciliation, can save you time and ensure accuracy. Here's why outsourcing might be the right choice for your business. 

Expertise and Accuracy

As professional bookkeepers, we have extensive training and experience in managing financial records. We understand the nuances of bank reconciliation and can catch errors or discrepancies that might be missed by someone less experienced. This expertise ensures that your books are accurate, which is crucial for making informed business decisions.

Time Savings

Outsourcing frees up your time to focus on other important aspects of your business. Instead of spending hours each week reconciling your bank statements, you can concentrate on growth, customer service, and other core activities. This can lead to increased productivity and potentially higher revenue.

Consistency and Timeliness

A professional bookkeeping service, like First Class Accounts Ovens & Murray, will ensure that your bank reconciliations are done consistently and on time. We can set up automated systems to streamline the process, making it easier to keep everything up-to-date. Regular reconciliation helps in identifying any issues early, preventing potential financial problems down the line.


As your business grows, so does the complexity of your financial transactions. Outsourcing your bookkeeping allows you to scale your financial management processes without the need to hire and train additional in-house staff. This flexibility is particularly beneficial for businesses looking to expand.


While there is a cost associated with outsourcing, it can be more cost-effective in the long run. The time you save and the potential for avoiding costly errors or penalties can outweigh the fees for professional bookkeeping services.

Don't let bank reconciliation become a daunting task

Contact First Class Accounts Ovens & Murray and Busy01 Consulting today to see how we can help you streamline your bookkeeping and keep your business on track. Let's take the hassle out of bank reconciliation so you can concentrate on what you do best—running your business.

Talk to us, we can help.

Make better business decisions

Make better business decisions

Make better business decisions

As a business owner, you want to make the best possible decisions for your business. The choices you make regarding strategy, spending, revenue generation and cashflow management can all have a major impact on the long-term future of the company.

So, how do you give yourself that competitive edge when it comes to decision-making?

The answer is to make the most of your financial data and to use the outputs from today’s cloud accounting tools and finance apps to inform and guide your choices as a leader.

Five major benefits of having financial real-time data

Cloud accounting has revolutionised the ways that small business owners manage their business accounts and broader financial management.

With the right tech stack and cloud accounting software, it’s possible to have genuine real-time information about your business finances. That instant access to your financial performance numbers is a game-changer, for a number of reasons.

Here are five ways that deep financial data can help to drive your business success...

Real-time data gives you:

1. Informed decision-making

With access to the most up-to-date financial data, you’re no longer flying blind! Real-time data empowers you to make strategic decisions based on the most current business information. You can see how marketing budgets are performing, analyse your sales trends and identify areas for cost-cutting – with a dashboard that provides a real-time snapshot of your overall financial health. You’re informed, on the ball and can react like lightning to any pressing business opportunities, or unplanned threats to your funding and operating cashflow.

2. Improved cashflow management

Cash is king, so it’s crucial that you have the best possible insights into your cashflow position, planning and management. Real-time cash data helps you plan for upcoming expenses, predict potential shortfalls and make informed decisions about borrowing or investment strategies. This real-time visibility ensures you always have sufficient funds to cover your operational costs, dodging the cashflow pitfalls that could otherwise hinder your business growth.

3. Enhanced budgeting and forecasting

You can ditch the static spreadsheets and embrace a more dynamic, real-time way to run your budgeting and forecasting. Track your progress towards financial goals, identify variances and deviations from key budgets, and adjust your plans and strategy accordingly. Accurate historic and real-time data also means more accurate forecasts, leading to better resource allocation and improved financial planning for the future.

4. Increased potential to turn a profit

With access to real-time data, finding the prime areas for cost reduction and revenue optimisation is made easy. You can quickly hone in on the products that are bringing in the biggest sales revenues, or the operational expenses that are costing you money but failing to deliver a healthy return on investment (ROI). If the majority of your sales income is coming from one product, by tracking key metrics like customer acquisition costs and conversion rates, you can identify and refine marketing strategies to maximise return on investment. Additionally, real-time sales data allows you to react quickly to customer trends and adjust pricing strategies to improve profitability.

5. Greater confidence in your business potential 

Modern accounting tech puts all this real-time data right at your fingertips, so you always feel in control of your finances. That’s a major boost to your confidence as a business owner, giving you the overview and insights you need to keep a tight grip on your financial health. Having this transparency makes it possible to share key metrics with your key stakeholders, like investors or partners. It also demonstrates your commitment to keeping good records and focusing on your financial management – a trait that investors, lenders and banks will see as a good sign of the viability of your business.

Talk to us about accessing your finance data goldmine

If you’re currently only tracking the most basic of finance metrics, now’s the time to dive deeper into your pool of valuable financial data. The more detailed and refined your finance dashboard becomes, the more you’re in control of the next steps of your business.

We can help you set up a tailored business dashboard and management reporting tools to track all the most valuable finance metrics for your business.

Get in touch to start exploring your real-time data

Cloud accounting

Digging deeper into cloud accounting

Digging deeper into cloud accounting

If you’re managing a small business, the chances are that you’re using one of the current crop of cloud accounting platforms. Whether your chosen software is Xero, QuickBooks or MYOB, these online accounting tools are now the standard for business accounting.

But are you exploring the full benefits of your cloud system?

The basic benefits of running your finances in the cloud

Not so long ago, business owners were reliant on paper ledgers and manual accounts to understand their financial performance and cashflow position. Thankfully, accounting technology has moved on in leaps and bounds in the past two decades.

The average business owner will almost certainly be using some form of cloud accounting to manage their finances. And the advantages of the cloud don’t just lie in the convenience and easy access of being able to do your bookkeeping in the online space.

Whatever cloud platform you’re using, you get:

A simple, straightforward way to record all your transactions

Every sale, purchase and expense is recorded in your cloud accounting software, with some of this record-keeping process even happening automatically, using tools like Dext Prepare.

A real-time view of your finances

Instead of your accounts being weeks, or even months out of date (as in previous decades), you now have an almost instantaneous view of your profit and loss (P&L), cashflow position and expenses.

An easy way to collaborate with your advisers

It couldn’t be easier to invite your bookkeeper, accountant, tax adviser or business coach into your accounts. In the cloud, you can all access the same numbers and have one point of truth for all your financial metrics.

Going beyond the basics of your cloud accounting platform

Managing your bookkeeping and accounts with cloud accounting software gets the job done. But the reality is that you could be doing so much more besides. If you’re just using your cloud accounting to do the accounts, you may just be scratching the surface of the potential value.

Here are just a few of the deeper benefits:

A growing ecosystem of add-on apps

Most of the big players in the accounting space have sizable app stores, where you can choose from hundreds of different ‘add-on apps’ and integrations. These apps add different functionality to your basic accounting system, allowing you to add automated bookkeeping like Auto Entry, debtor chasing with Chaser or an expenses management app like Expensify.

Extensive forecasting and scenario-planning

There are plenty of sophisticated forecasting tools that integrate with your cloud accounting. Tools like Spotlight Reporting, Float, and Fathom all allow you to extrapolate your cash numbers forward in time. And because these forecasts and projections are based on your own historic and real-time data, you can be sure that they’re based on solid information that’s a sound basis for your future planning, cash management and business decision-making.

Job management and industry specific apps

A helping hand with your operations and project management is always going to be welcome. Most app stores will have a wide selection of industry specific apps, that help you manage the operations in your specific business sector. This might be Tradify for tradies and contractors, Re-Leased for property managers, or Dentally for dental practices.

A fully integrated tech stack to manage your whole business

By picking and choosing the most helpful and relevant apps from your platform’s ecosystem, you can quickly build up an entire tech stack that becomes the operational heart of your business.

Whatever your industry, you can create a bespoke business system that does far more than just keeping your bookkeeping in check. With an evolving tech stack, you’re ready to streamline and automate each process and operation, so you end up with a lithe and agile business that’s ready to scale as your business prospers.

Talk to us about maximising your business tech stack

Getting your accounts and compliance done and dusted in the cloud is a great start. But we’d advise digging a little deeper into your cloud accounting platform to really get the best value.

We’ll help you find the most useful apps to add to your tech stack. We’ll also help you get integrated, automated and connected – putting you in complete control of your business.

Get in touch today.

Keeping your receipts

Keeping your receipts

Keeping your receipts

Source document management

When it comes to small business compliance, source documents – bills, receipts, checks, or anything substantiating a transaction – are critical.

Collecting and managing source documents can mean a lot of administrative effort and time. Plus you have to store all the documents too. Historically, source documents have been paper based, so that means a lot of office space just dedicated to paper document storage!

The good news is that bookkeepers, like First Class Accounts Ovens & Murray, can help small businesses to better manage source documents.

Here are a few frequently asked questions to better understand why and how bookkeepers can help. 

Who should manage source documents: the business, or the bookkeeper?

Allocating source document management to your bookkeeper means you can better manage your source documents for compliance-related reasons. This is because your bookkeeper is able to provide more accurate reconciliation. The added bonus is that this can lead to meaningful business insights.

Why are source documents important for bookkeeping?

Source documents are vital for business compliance and audit preparation. Bookkeepers keep up to date with compliance requirements and understand the types of documentation that small businesses are required to keep compliant.

Source documents are also important for improving bookkeeping quality. Having source documents readily available will not only make the reconciliation process faster, easier, and more accurate, it will also help to gather clean data. Again, that data can then be translated into business insights.

What’s the best way to collect and manage source documents?

One of the best ways to collect and manage source documents is to do so digitally. This means implementing a process and using technology to automate and digitise document management.

Using a single system and process for collecting source documents gives you a centralised document storage solution, and all your documents are readily available when you need them.

There are a number of apps and tools, such as Dext, that can make it easy for both bookkeepers and business owners to collect and digitise documents. Most of these will integrates with cloud storage platforms and integrate with cloud accounting packages.

Are digital documents acceptable in the event of an audit?

Yes! Many governments accept digital files as source documents in the event of an audit, including the Australia.

In the event of an audit, having all documents readily available in one place will help to make sure the audit process goes smoothly.

Talk to us about improving your source document management

If you are interested in digitising your source document management, contact us today to discuss the apps and tools available, and how we can help, 

Collect your debtors faster

Collect your debtors faster

Collect your debtors faster

Managing cash flow effectively is crucial for the sustainability of any business. A significant component of this involves managing debtors efficiently to ensure that cash inflows occur on time. However, it's important to remember that even uncollected sales impact your financial obligations.

Did you know that you still have to pay tax on your debtors, even if you haven’t collected them yet? This happens because your tax obligations are calculated based on your sales figures, not just the cash you have received.

Why It's Critical to Collect Debtors Promptly

When your cash is tied up in uncollected invoices, it restricts your ability to reinvest in your business, pay your bills on time, or even meet your payroll obligations. This can hamper your business's growth and potentially lead to financial difficulties.

Therefore, collecting debtors promptly should be a top priority.

How to collect your debtors faster

Agree on Payment Terms at the Time of Sale

Clear communication about payment terms sets the stage for all future interactions with your customers regarding payments.

Ensure Your Customer Signs Your Terms of Trade Before You Start the Job

This formal agreement protects you legally and ensures that both parties understand the financial obligations involved.

Include a Guarantee in Your Payment Terms

This adds an extra layer of assurance that you will be paid, encouraging prompt payment.

Invoice as Quickly as You Can

The sooner you send out an invoice, the sooner you can expect to be paid.

Ask for a Deposit Prior to Starting the Job

This not only secures a portion of your payment upfront but also commits the customer financially to the project.

Change Your Payment Terms to Within 7 Days of Invoice or On Delivery

Shortening the payment period accelerates your cash inflows.

Send Statements Religiously at the Start of the Month

Regular updates remind your customers of their dues and prevent overdue payments from being overlooked. Implementing automated reminders through your cloud accounting system, such as Xero, can encourage late payers to pay on time. 

Have Someone Other Than the Owner Be Responsible for Collection of Debtors

This can often lead to more systematic follow-up and less personal conflict.

Document Any Changes to Your Standard Payment Terms in Writing

Keeping a written record of all terms and agreements avoids misunderstandings and provides legal backing.

Use an Integrated Payment Gateway App

This technology simplifies the payment process for your customers, making it easier and faster for you to collect your money.

Don’t Provide Credit to Customers Who’ve Been Late Payers in the Past, and Don’t Offer More Credit to Customers with Outstanding Payments

This policy helps mitigate risk and improve your cash flow.

Proactive management is key

Don’t procrastinate on your debtors. Establishing clear, firm payment terms and ensuring you stick to them is vital. Remember, it’s often the proactive, attentive businesses that manage their cash flow most effectively.

"It’s the squeaky wheel that gets the oil." – Anon

Don’t let your business be slowed down by late payments. Be the squeaky wheel, take action today. We can help.

Keeping debt low through proactive credit control

Keeping debt low

Keeping debt low through proactive credit control. 

Having a large amount of debt in your business is bad for cashflow, weakens your overall financial health and brings down your credit score as a business.

So when customers don’t pay on time, that ‘aged debt’ is bad news for your finances. Aged debt can begin to stack up, adding to your liabilities and reducing the health of your overall balance sheet.

The good news is that there are ways to tackle late payment head-on.

Get effective with your credit control

Being proactive with your credit control procedures and debt management helps you speed up payment, reduce your debtor days and rein in your overall debt as a business

To improve the efficiency of your credit control, these strategies help speed up payment processes, reduce debtor days, and maintain a healthier financial status for your business.

Make your payment terms clear

The foundation of effective credit control is clear communication about payment terms. Ensure that your payment conditions are explicitly stated on all invoices. Additionally, incorporate a detailed credit control policy into the terms and conditions your customers agree to. This clarity helps prevent misunderstandings and sets clear expectations from the start.

Run regular debtor reports

Regular reviews of your debtor situation are vital. Run frequent reports to identify which invoices are overdue and which customers are consistently late in payments. Understanding the pattern of late payments allows you to prioritise debt collection efforts effectively.

Be proactive in chasing late payment

Being passive about debt collection is a common pitfall, however it's important to not be shy about asking a customer to pay their bill. Adopt a proactive approach by regularly contacting customers with overdue payments. Set up reminders for yourself to chase late payments, ensuring you are persistent but respectful in your communication.

Automate your credit control tasks 

Technology can significantly streamline your credit control processes. Many cloud accounting platforms offer built-in tools or integrations specifically designed for automated credit control. These systems can automatically send reminders to customers as soon as an invoice becomes overdue, reducing the manual effort required and ensuring timely follow-ups.

Leveraging technology for better credit control

The use of technology in managing credit control cannot be overstated. Automated systems not only save time but also reduce the chance of errors and omissions that can occur with manual processes. These tools ensure that all customers receive consistent communication and that no overdue invoice slips through the cracks.

If late payment and aged debt is weighing heavily on your balance sheet, we’ll help you implement the appropriate apps that support the automated systems, debtor reports and credit control processes needed to reduce debt.

Get in touch to improve your credit control.

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