In line with MY GP cloud, adhere to your credit policy in the course of tough times and you should help your business pass the wreck.

1. In line with MY GP cloud, adhere to your credit policy in the course of tough times and
you should help your business pass the wreck. Additionally, you will help retain your
current consumer connections.
If you broaden credit to your customers, you require having a credit policy through the help
of online ERP software and online great plains. A credit policy sets, “guidelines that show
the way to select which customers are sold on available account, the precise transaction
conditions, the limitations set on outstanding balances and the way to deal with
delinquent accounts.”
When times get tough, your customers may be enticed to pay your invoices. According to
MY GP cloud, do not let them. When you allow your customers to violate your credit policy,
many things can happen.
Once established, you need to stick to it. Having a credit policy that is not enforced is
useless. Otherwise, you can get into troubles like agreeing to your customer’s weak
payment overall performance may seem like it truly is strengthening your relationship with
each other. It is not. Agreeing to very poor payment overall performance tends to pervert
an otherwise excellent business relationship. Their bond could just continue to weaken.
Once your customer knows that you will accept poor payment performance it will entice
them to take further advantage of you.

2. In line with online great plains, built-in online ERP software is imperative to remaining
on top of your accounts receivable and conducting your credit policy.
According to MY GP cloud, while it might appear counter-intuitive to believe that your
client relationship may improve by not taking slow payments, it is not. I have seen it
happen sometimes. Adhere to your credit policy.
These are few features of an integrated ERP system and online ERP software, which
helps you to enforce your credit policy and protect your business:
1. Be sure that sales of items and additionally services to your customers are
adequately documented on a regular basis. Sales really need to be adequately
saved to lower or get rid of billing disagreements with your clients
2. Provide a continuously updated listing of accounts outstanding so that credit
managers and others are fully informed about the business’s investment in accounts
receivable.
3. Offer business warnings to inform credit managers and others anytime particular
accounts are violating your credit policy to make certain that corrective actions can be
taken promptly.

3. Sometimes your customers try to make their problems your problem. This is completely
unacceptable, as you have enough to worry about and you do not need more problems.
The professional services industry has significant challenges in these areas. Often time,
businesses in this industry invoice their customers for time spent by their employees to
deliver services for their customers. Getting employees to record time on a timely basis
and having the time properly reviewed and approved can be problematic. Then getting
all the recorded time priced properly and included on customers’ invoices can be a long
and tortuous process.
An incorporated ERP system and online ERP software from MY GP cloud, which
enables for time entry and flexible invoicing methods, will help you stay with top of your
credit policy.
For more information about web based accounting software go to at
http://www.mygpcloud.com/accounting-solutions
Article Resource - http://blog.mygpcloud.com/2012/07/define-your-credit-policy-
and-stick-to-it