Credit history review
Cash flow is the lifeblood of any business and chasing slow payers is an unpleasant reality for many.
The OMS software platform can assist by providing the ‘Days of sales open report’. This report provides an overall credit history of any client in the platform and enables Managers, Business Owners, and the Accounts team to review a client’s credit history and determine if there may be a risk of the client becoming a slow payer.
This report highlights:
- the number of days it takes for the client to pay
- if the client pays on time regularly
- if there is a change in payment frequency (potentially highlighting issues within the clients business)
You can use the credit history statistics provided by the ‘Days of sales open report’ to make informed decisions regarding future quotations (fee proposals) for slow payers, by applying some compensation for late payments or requesting upfront payments.
The OMS platform is a great tool to help your business reduce exposure to slow payers or mitigate the risk of managing poor payers.
