Many businesses we come across are successful in their industry, but despite this success in achieving fantastic sales figures, they often fail to realise that only once a customer has paid is the sale worth anything to the business. This is where a good collection agency can help your business out.
A good collection agency
A good collection agency will always take time to learn about your business and develop a system that satisfies you (and the customer) by making sure your sales are paid.
We have put together a 5 point list that your business will benefit from by using a good collection agency:
- Time-saving: the amount of time your staff are spending chasing accounts, when they could be focusing on better paying customers, or their actual job. A lot of the time we find businesses are not utilising their staff skills in the right areas.
- Cost-saving: Besides savings on staff costs, or time of the owner, debt charges are recoverable by law, together with Late Payment Charges and Statutory Interest at 8.5% and a good collection agency should always aim to get their clients back to a No Cost situation
- Streamlining processes: with a process system in place, your accounts department can easily implement a referral procedure of aged items. Once an account hits 60 days overdue, for example, then this is an unacceptable delay and the account should be referred to a 3rd party for collection.
- Credit checking: clients of a good collection agency can request discounted credit reports on potential customers, so the collection agency works with the company for a more risk-protected business.
- Legal: should the last resort be necessary, many collection agencies work with the regions top solicitors to handle all matters if they go beyond the pre-legal collection stage.
So you can see how a good collection agency can help your business and support the accounting function to keep you on top of your late-payers.
Remember business survival is based on getting paid, and once that supply of cash is delayed for even just a few months you may not be able to pay your own bills and that is when problems arise. Working with a good collection agency will help maintain your business survival!
If you have any issues with Debt, or need help with collecting overdue accounts, please don’t hesitate to contact us on 01332 565 350 , visit our site www.tauruscollections.com or email email@example.com