Outsourced Credit Control

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WHEN THE CLOCK'S TICKING

Tailored pre legal credit control for companies with sales ledgers with up to 300 Debtors

FACTFILE

Cash is the lifeblood of your business. Every day an invoice is outstanding it is costing you money and exposing your business to the risk of bad debt. Latest figures according to the Credit Services Association shows the amount of outstanding debt with debt collection agencies amounts to some £27 billion, so it is not uncommon for your debt to get out of hand.

Managing your cash collections requires special skills. You need experienced credit controllers with good systems and processes. With no sickness or holidays to slow the cash cycle and no hidden overheads, our outsourced credit control service will deliver consistent levels of cash in a highly cost effective way.

We also understand that some businesses may be receiving invoice finance facilities elsewhere, if this applies we operate our outsourced credit control service through our sister company Gant Audit and Compliance Services Limited (“GANT”).

What is provided:

  • Unlimited tailored and polite telephone chasing
  • Dunning and reminder letters 
  • Option to provide monthly statements
  • Allocated named credit controller
  • Consistent levels of cash
  •  Increased cash flow with less borrowing by reducing average debt turn
  •  Reduced levels of bad debt
  •  Increased customer service levels
  •  No staff absence to slow the cash cycle
  • Confidential or Disclosed outsourced credit control
  • Simple cost per debtor per month fee
  • A professional and consistent image for your business 
  • We can even provide fixed cost litigation

We believe that a healthy ledger should be aged over a period not older than 60 days past due date. And therefore we base our costing on this. At the outset, however, we understand that there may be a proportion of debt over this, and we will work hard to rectify this. If this is the case there will be a premium in our costing for debt older than 60 days past due date. Our quotation will cover this.

Benefits
Eliminate the risk to your business. Credit control is all about controlling risk. The risk of bad debt, the risk of late payment, the risk of providing credit terms and the risk of keeping goodwill with your customers.

By maintaining regular scheduled contact with your customers, we will protect your business from the risk posed by late and non-paying customers.

A reduction of your debt turn has huge financial benefits. We have saved businesses thousands in interest costs by reducing average debt turn. Just 4 days reduction in average debt turn will release over £10 thousand back into working capital for a company turning over £1 million.

Three examples of our Outsourced Credit Control service demonstrate debt turn reductions of businesses in our portfolio over the last 12 months.

Engineering business – turnover £1 million – debtor days reduced from 73 to 40 days over 12 month cycle. £67,000 cash released into working capital;
Plant and labour rental business – turnover £24 million – debtor days reduced from 56 to 53 days over 12 months. £140,000 cash released into working capital;
Manpower business – turnover £5.5 million – debtor days reduced from 41 to 34 days. £90,000 cash released into working capital. We are always polite and will treat your customers how you would treat them yourself. Good credit control is about building relationships, not destroying them and this is done by polite regular contact and identifying potential problems, so they can be resolved promptly.

Allocating a named credit controller means we can quickly develop good relations with your customers and gain a greater understanding of the way your business trades. The credit controller will keep you informed on a regular basis, as we never forget that we are working for you, as an extension of your business. You can even review our collection notes on line.

Few of us pay our bills on the day they are due. In most cases we wait until the final reminder letter. Your Customers are no different. They will wait until you remember to chase them, which can often be too late to avoid a bad debt situation. We aim to educate your clients to pay you on time, every time, by polite regular contact. The chasing agenda will be agreed with you and is likely to include a mixture of reminder letters, statements and telephone contact, all combined to provide you with a professional cost effective Outsourced Credit Control Solution.

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