Often you will give credit and Bill to company to clients.
Cash is the lifeline of your hotel business. But sometimes you will need to give credit to companies to do business.
This will affect your cash flow, and you must try to collect the amount as soon as possible from your clients.
To do that follow these steps.
Send the tax invoice to the company on time, preferably within 48 hours. Make sure all the supporting documents are attached and the bill is correct as per the contract.
Follow up after 4 days with the company and check if they have received the bill.
If a company has 30 days credit period, follow up 5 days before to check when you can expect the payment.
Do a Credit review meeting every 15 days with the finance and sales team and highlight any sticky accounts.
Ask the sales manager to help collect the amount if the payment does not come in time.
Follow these steps and keep your cash collection effort on track.