Collecting overdue accounts has got to be most business people’s least favourite activity. Directly asking for money, even if it is owed to you, is an unpleasant task that finds itself at the bottom of everyone’s task lists. But, for business survival, it is a vital task.
There are a number of facets to credit control that link together to give you an outcome. The better you are at these components the more successful you will be in collecting the money that is owed to you. The main components are:
+ Good initial documentation – contract, terms of trade with payment terms being prominent;
+ Clear internal processes – to identify late payers quickly;
+ Credit Control System – a set of processes that communicate, escalate and record discussions and payment arrangements.
This can seem rather daunting and complex to set up for your business, but the experts in the BizEnhanz Debt Collection Unit can help you.
Successful collections is about good internal processes. If you have good processes you will not only be more successful at collecting overdue invoices in full, but the actual task of chasing overdue accounts becomes less unpleasant. Expert advice is available to help you to implement good collection processes within your business.
There are occasions, however, when you may need to outsource collection. This may be because you haven’t been successful in recovery efforts yourself and therefore an escalation is required, or that you are busy and your business efforts are needed for other tasks. Whatever the reason expert collection help is here.