James Sleight and Peter Hart from Leeds-based restructuring specialists PKF Geoffrey Martin & Co
Taking back control
What is credit control and why is it so important? Put simply, credit control is the practice of making sure your customers don’t take too long to pay you. This is really important for the cashflow of your business. With most businesses you have to pay out for a large proportion of your costs e.g. wages and rent before you are paid for the products you have made. Businesses therefore need working capital i.e. cash reserves to bridge this gap.