Team One Accounting on Accounting-Related Policies

Setting customer expectations in your business are essential to gain the trust of your customers, avoid conflicts, and maintain a high level of customer service. One way to set customer expectations is to clearly state policies that are customer-facing. Many of these are accounting policies that your favorite Orange County Bookkeeper can help you with. Below are the policies that every business should clearly publish.

Refund Policy

When customers purchase your products or services and don’t get what they expect, what is their recourse? Your refund policy should clearly state which products and services are refundable and which ones are not. Do customers need to physically return the product in-store or via shipping? What if it’s a service? Are they refunded in cash, credit card, or store credit? Is there a deadline for refunds?

All of these questions should clearly be outlined in your refund policy.  Your website is a great place to publish it.

Customer Complaints

If your customer has a complaint, how should they submit it? Is there a hotline to call, a suggestion box, or a form to fill out? If your business and employees are licensed, is there a government agency to write? A notice should be posted on your website and in your physical location describing where to submit complaints.

Shipping Policy

Not all businesses need a shipping policy, but you do if you ship physical goods to a customer location. What is the cost of shipping? What is the expected delivery time? A shipping policy explains this as well as what can go wrong: If the item was never received, what should one do? Must you sign for a shipment? If you return a shipment, who pays the shipping? If an item is received damaged, how do you file a claim?

Payment Policy

What forms of payment will you take? If you take a check, what ID does the customer need to show? Do you take some of the newer forms of payment such as Apple Pay or cryptocurrencies? How do gift cards work? This information needs to be clearly posted in the store and on your website.

Past-Due Accounts

If a customer doesn’t pay their bills on time, they should know what to expect. Will interest be charged? Will the account be sent for collections? Will future purchases be canceled or require a C.O.D. (cash on delivery) payment?

You might not think of your accountant or Orange County bookkeeper when it comes to writing these policies, but you should. One of the many bookkeeping services Orange County services that Team One Accounting can do is help you craft these customer service policies so that your communication and expectations with customers are clear, concise, and surpass their expectations for your business.