As the premier service provider of bookkeeping in Townsville, Queensland, Know Your Numbers Bookkeeping are the people to go to if you need help managing your debts. With a friendly and expert team, we will help you to build into the day-to-day running of your business ways to help yourself pay off what you owe. Please feel welcome to get in touch and we will be happy to help you. With a thorough assessment and analysis of your financial state to begin with, you can be assured that you will be in the best position you can be.
What is a debitor?
A debitor is someone who must pay a debt. If your business owes somebody money, then you are classed as a debitor. In the daily life of running a business, this occurs more regularly than you may think. It may not necessarily be a long-standing debt, it may simply be the period between an invoice coming in and your payment going out. In other situations, it may be a longer-term debt that we can help you to work your way out of. The best way to handle this is to work with a professional debitor management team who will assess your situation and help you to build in ways to repay what you owe. This includes ensuring other businesses collect payments of their outstanding invoices promptly as well as creating a plan to pay off larger debts.
What is debitor management?
Working with a professional debitor management service is the best way to keep your financial owings under control. If you owe money as a business, it is extremely difficult to continue to grow and develop at a rate that will allow you to stay afloat. By working with a professional service provider, like ourselves, you give yourself the tools to begin working to an efficient level. No debt is unmanageable, so by working with us, we will perform a thorough analysis and assessment of your situation, developing a routine to allow you to create a healthy financial position.
What is included in this service?
Our debitor management service will help you to properly manage your debts. This means you will get paid more quickly and prevent bad debts from developing. Our team will help you to create a comprehensive system that ensures you are collecting money owed on time, setting and upholding payment terms and credit limits appropriately, enforcing an adequate credit policy, and making credit applications and credit checks when necessary. We will also help you to keep up to date with the legalities around tax requirements, maintaining the correct records to ensure you are following legislation.
How will this service benefit my business?
You need to keep the finances of your business in the best state. It is the difference between being able to work or having to shut down. Do not take this lightly! By working with a professional, highly recommended company such as ourselves, you can be assured that everything will be set up correctly to prevent things going wrong!