Collecting overdue invoices

Collecting overdue invoices in a fragile economy

This year the UK economy in 2012 has seen a flatline of trading conditions and, despite all the optimism of some banks beginning to open up their wallets to lend to small businesses again, it is crucial that you are more pro-active than ever before about collecting overdue invoices.

Being pro-active with your debtors is the number 1 route to ensuring your bills are paid as quickly as possible, once you are actively on top of your debts, and your debtors know this, you will be the one to be paid first every time.

I have put together a brief list of my best practical tips for collecting overdue invoices from my years dealing with SMEs and I hope you find these useful to your in-house debt collection:

1) Be Pro-active – Plan your debt collection steps on the day you invoice your client. Diarise calls after 14 days – to make sure your customer has received a copy okay. 21 days – to make sure your customer has no disputes. 28 days – to request a payment date for the coming month. These are all pro-active steps which you can take BEFORE your invoices become overdue, ensuring no excuses can be used for payment much beyond your 30 day terms.

2) Be flexible – remember collecting overdue invoices in today’s economy can be difficult when there is no money to collect. In other words, work with your customer to ensure payment over a period of time if they cannot pay in full. Many debtors do not pay because they believe they have to pay in full in one go. Spread payments over 3-4 weeks, or more, to help their cashflow and you will reap the benefits when trading conditions improve and the grass is greener the other side of the downward turn of cashflow your customer is experiencing.

3) Be confident – if you don’t ask you don’t get. Many businesses will happily take on new customers, perform a satisfactory service, send out an Invoice and presume payment bang on 30 days. The business world doesn’t always work out that simplified. Ask confidently for payment in 30 days’ time in your email to your customer when you send the invoice. Ask confidently when you call your customer to chase payment that you want to be paid in 7 days’ time. State confidently, if they continue to delay payment that you will be handing the account over to a 3rd party collection agency and Interest and Late Payment Compensation will be added to the balance. You have done the work; do not be afraid to ask for what you are owed.

It is always important to remember when collecting overdue invoices that a change in personality is required sometimes to effectively collect the money you are owed. If you take the above tips into your next debtor situation you won’t be far from increasing your cashflow and growing your business in 2012, despite the economies downturn.

If you need any help collecting overdue invoices, or would like some free advice regarding a particular debtor, please don’t hesitate to drop us a line 01332 565 350 or email to discuss your options for recovery.

Account collection services – how can a small business benefit from fast debt recovery

Most businesses in the UK rely heavily on customers paying on time and would never normally consider account collection services to assist their business. However the reality is that, in a fragile economy, account collection services can provide crucial support for a business’s credit control department – or better still become your credit control department.

Cost maybe an issue for some businesses in utilising account collection services but offset this against an increased cashflow & debtor days and a reduction of bad debt for clients, and many businesses wouldn’t think twice. Invoice factoring is another alternative but this can be expensive and even that does not guarantee you payment, often the Invoice factored will hand the debt back if it is not collected. Account collection services want you to get paid as it is their focus – there is no loaning of money – it is pure collections and it is crucial the company you choose is passionate about it.

It is more important than ever for businesses in 2012 to focus on key areas of their business as only the strongest will survive in a flatlining economy – an account collection services focus is to put you to the top of the creditors list for your customer, and ensure payment is prompt.

Cashflow is the lifeblood of a business and we can help you with fast recovery of your debts. For more information email us or call 01332 565 350 today for a no obligation chat about how we can help you get paid fast!

Invoice Collections

Invoice collections – top 3 tips to get paid on time

A business’s priority is sales and new business. I think most entrepreneurs would agree with that, however should your business neglect a duty of invoice collections then cashflow issues will never be too far around the corner. Getting people to pay you on time is crucial to small businesses, after all as I always tell clients; if you are not getting paid you are working for free!

Invoice collections should be no.1 priority for all businesses, whether start-up or Industry leader. We often find that suppliers will respect you for having well-oiled procedures in place to collect debts as this portrays a sense of organised capability and no-nonsense business approach.

When looking to improve invoice collections, consider these 3 tips to help you get the most out of your credit control:

1) Have a strict procedure of calling. Invoice collections should be an automated procedure and set-reminders for when an invoice falls due. Call 4-7 days before your payment terms expire to make sure there are no problems with the invoice. Disputing an invoice is the no.1 “tactic” used to delay payment.

2) Use email to get the message across. If a company delays payment to +60 days without explanation, always try and find the highest ranking person in the company you are chasing for payment and email them so you have a record of the communication. Letters may be useless as they can get lost in the mail system, or the company may be forwarding crucial correspondence to the wrong department.

3) Be firm but fair. Invoice collections should be communication between two businesses. Never let the conversation get personal, and always provide a deadline for a response. You should never wait more than 7 days for a reply.

I have always found that Invoice Collections is the heart-beat of business and, to turn a positive spin, should be integrated into the customer service side of your business. If a supplier feels their query has been handled quickly, expertly and efficiently they are more likely to do more business with you.

Our expertise is in Invoice collections and dealing with slow-payers, if you would like to chat to our team to see if we can help your business with increased cash-flow, please don’t hesitate to call us on 01332 565350 or email

12 Month Aged Debt

No Collection No Fee Debt collection – a cost-effective solution for your business?

Our clients find our No Collection No Fee service a key part of their credit control procedures as they look to maximise the cash collected from bad debts, whilst also saving time, resources and energy of their business by oursourcing the collections to a 3rd party.

No Collection No Fee provides this solution, with a simple fee structure of between 3-10% on most recent debts, the idea that we will commit ourselves to recovering 90% of a debt, usually within 4-21 days, is a very effective one for a small business owner.

Below are 3 reasons business-owners contact us to help them out on a No Collection No Fee basis:

Time – chasing the debts for months and getting nowhere, the debtor has stopped answering their phone, and they are not replying to emails. How much more time will you spend chasing until giving up?

Money – continually chasing bad debts through use of a business’s resources (a credit controllers time) or through cashflow (suppliers are demanding payment for their invoices)

Hassle – the debtor is making excuses for non-payment and delaying matters every week as they continue to promise payment but nothing arrives. Our actions can focus the mind of a debtor and ensure payment is fast, and in full.

So above are a few reasons why our clients choose a No Collection No fee solution by a 3rd party. In addition to the above, we can provide credit reports which are crucial to prevent repeating late-payments, or make a sales-judgement on any new customers that you want to check out before doing business. In this sense prevention is the best cure, and we always promote healthier cashflow ideas with all our clients.

If you do want any help collecting debts on a No Collection No Fee basis, please don’t hesitate to give us a call on 0843 309 1633 or for a no obligation chat about how we can assist you.

Chasing unpaid invoices

Chasing unpaid invoices – how to get results in 2013

Our clients often tell us that chasing unpaid invoices is their biggest time-consumer of their working days. Many customers can delay payment of Invoices for work done without valid reason and this can have a negative impact on your business cashflow. Chasing unpaid invoices is a necessary evil in business, but it doesn’t have to be an endless journey and then a brick wall.

Here are some tips for chasing unpaid invoices effectively, and improving your cashflow in 2013:

Be organised – have a timeline of calls made and letters/ emails sent. This will set you in good position when your customer says they are not aware of your debt, or that they cannot remember what the work was for.

Be punctual – send Invoices as soon as the work is complete, not at the end of the month. You want to get paid quick, so invoice quick.

Be pre-emptive – always email a copy of an Invoice when you send it in the post as this cannot get lost in the post! Also CC email it to the buyer AND the Accounts Department, that way the work can get approved and paid in one go.
Above are just some of the methods you can use for chasing unpaid invoices and I urge you to always stay on top of your debts.

If you don’t get paid you are working for FREE.

For a no obligation chat about your debts and how we can help you with chasing unpaid invoices, please don’t hesitate to call our Debt Recovery Team on 01332 565 350 or email

Collecting invoices

Collecting Invoices – an essential part of your business

Many of our clients see collecting invoices as crucial to their business operations whether it be using preventative measures, or just practical changes to their credit control procedures. Customers that pay on time allow your business to operate efficiently – should late payments begin to impact your business, then it could be your business survival at stake.

Collecting invoices in these economic times is certainly a tough task, but the risks of non-payment can be mitigated with a few simple procedures in your business.

1) Awareness – send your customers monthly statements which will speed up collecting invoices as many business customers will “only” pay on statements

2) Clarity – include all company details on your Invoices, and ways to pay. They need to know where to send a cheque to, if they can pay by phone, or your bank details to send a BACS

3) Customer service – try not to think of collecting invoices as a bad thing. Calling your customers to make sure they are happy with the service can be followed with a “check on your invoice” to make sure there are no problems with it (remember this is not chasing, you are making sure they are happy – see the difference?)

There are many ways collecting invoices can be effected by your actions and we urge all our clients and business-owners to follow strict procedures for collection of debts. There has to be consistency and fairness to your customers and our results speak for themselves.

If you have a problem with late-payers or bad debts or would like a no-obligation chat to see how we can help your business, please call us on 01332 565 350 or email

Collection of UK Debts

Collection of UK debts – are you in control?

Many of our clients tell us before they use our help for collection of UK debts, that they feel their business is not in their control. Often held ransom to the bigger customers who delay payments 60, 90 and even 120 days beyond invoice date. For smaller businesses this is a constant problem, and collection of UK debts is an inherent problem for the UK SME market.

Our clients also worry about customers they have dealt with of an unstable nature that these companies may go bust and thus miss out on payment before administrators move-in. Our help with collection of UK debts ensures they are at the top of the queue, minimising the risk of losing out when a company looks like closing the doors on the business.

Here are 3 tips for collection of UK debts to ensure you are in control of getting paid on time:

1) Procedures – ensure you have a policy to chase payments regularly, every 7 days (at least) and always send monthly statements

2) Speed – as soon as you are not getting responses, contact a 3rd party agency to exert extra pressure, and recover your Costs and Interest. No Win No Fee is a risk-free proposition as you only pay on success.

3) Legal – if all avenues pre-legally are exhausted, and no disputes rose, it is important to move to Court Action quickly to secure your debt and then enforcement action can be undertaken.

In a touch economic climate, collection of UK debts is a primary concern for many business owners, of all sizes, and it is a recurring theme. But it is a curable problem – with fast, professional action collection of UK debts need not be the long-lasting worry to UK business-owners.

If you need any help collecting debts, or would like a FREE no obligation chat to see if we can help you out, please call us on 01332 565 350 or

financial collection man

How can a financial collection agency help your business?

As the weather improves and we settle into the summer of 2013, now is a good time to review your credit control procedures as an integral part of your business practices. A financial collection agency might not be the first solution that you think of when improving your business functionality but, with 3rd party help, time-consuming and cash-impacting aged debts could be a thing of the past.

Working in tandem with your finance team, or on a purely outsourced basis, a financial collection agency can provide peace of mind and reduce the risk of debts going bad. Speed is everything when dealing with late-payers and our clients find that as a financial collection agency we can provide a cost-effective solution for their business.

Here are 3 ways a financial collection agency can help your business:

Reduce credit risk – we can provide credit reports that help you make a decision on whether to extend credit to any particular customer. With our help you will have all the facts to make the best decisions.
Credit control support – we can offer a No Win No Fee or Fixed Fee collection service when your credit control department are struggling to gain positive collection results. As a financial collection agency, we have a proven track record.
Court action – should the debt require court action, we can facilitate the process of legal proceedings and provide the best service through our own specialised Solicitors
Many of our clients are benefiting from working with us as their financial collection agency in these tough economic times, more than ever we are finding our one-stop approach to helping businesses get paid on-time, improving business cash-flow and reducing bad debt.

As one of the UKs fastest growing financial collection agency, we are passionate about helping our clients do business better.

If you would like a no-obligation assessment of your aged debt position or have any problems with late-payers, please don’t hesitate to contact us on 01332 565350 or email

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