Financial Guide for SMEs - SME Corporation Malaysia
Financial Guide for SMEs - SME Corporation Malaysia
Financial Guide for SMEs - SME Corporation Malaysia
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<strong>Financial</strong> <strong>Guide</strong> <strong>for</strong> <strong><strong>SME</strong>s</strong>Checklist <strong>for</strong> Managing ReceivablesRegularlyreviewcredit checksRecordcustomers’limit usagePut policiesin place <strong>for</strong>exceededlimitsDuring tough times, the credit status of some customers maychange.Make sure your system tracks the outstanding credit ofcustomers and notifies relevant staff if the limit has beenexceeded (ensure that the notifi cation happens be<strong>for</strong>e thenext sales).Record procedures to be undertaken when a credit limit isexceeded and ensure that all relevant staff are aware of whatneeds to be done.2. Establish Payment TermsActionIncludeterms oninvoiceCommunicateterms to allstaffDescriptionRecord standard payment terms on each invoice.Ensure that all staff (including sales representatives) are awareof the payment terms and that they follow them.Have latepaymentproceduresManagereturnedgoodsImplement systems to ensure that all payment terms are met.Send out regular reminders and follow up on late payments.Have a policy and process in place <strong>for</strong> returned goods toensure that payment is not delayed <strong>for</strong> any length of time.61Chapter 2-5 p22-65 Eng.indd 618/15/11 5:01:59 PM
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