It is true what they say: money makes the world go round. Payments, collections, staff, suppliers.
When the money stops flowing – or when it flows in the wrong direction it can feel like the world has stopped turning. Whether it’s from the clumsy touch of Trisha (human error), the duplicitous deception of Donald (dishonest employees), or the unforeseen calamity of an exploding fire extinguisher (wait till you hear this one), the impact and cost to business, both in terms of lost revenues and customer experience can be catastrophic.
Here’s a run-down of how not to manage your payments. But don’t have nightmares, there are ways you can avoid these pitfalls.
Share the love – If you enjoy The Little Book of Payment Horrors, don’t keep it to yourself. Tell your friends. Tell your colleagues. Tell other Finance & Treasury Professionals.