Finance Credit Management Memo
Finance Credit Management Memo
To: All Employees
From: [YOUR NAME]
Date: [Month, Day, Year]
Subject: Finance Credit Management
Dear Colleagues,
As part of our ongoing efforts to maintain financial health and sustainability, [Your Company Name] is implementing new credit management policies effective immediately. These changes are vital for enhancing our credit control and ensuring we continue to operate on a stable financial foundation.
Credit Assessment Criteria:
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All new customers will undergo a rigorous credit assessment before credit approval.
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Existing customers' credit limits will be reviewed periodically based on their payment history and financial standing.
Payment Terms:
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Standard payment terms will be strictly 30 days from the invoice date.
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We will offer early payment discounts to encourage quicker payment and improve cash flow.
Late Payment Penalties:
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Late payments will incur a penalty of [specific percentage]% per month on the outstanding amount.
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Consistently late payers may have their credit terms revised or revoked.
Account Monitoring:
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All accounts will be monitored regularly for any signs of financial distress.
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Regular reports will be generated to track outstanding debts and payment patterns.
Dispute Resolution:
A clear procedure will be established for resolving invoice disputes to ensure they are settled promptly and fairly.
Training and Compliance:
All relevant staff will receive training on the new policies to ensure full understanding and compliance. Everyone must adhere to these policies to protect the financial integrity of [Your Company Name].
We appreciate your cooperation and commitment to these new measures. If you have any questions or need further clarification, please do not hesitate to contact the Finance Department.
Best Regards,
[Your Name]
Finance Department
