You’ve spent ages making the phone calls, sending emails and perhaps even printing and posting letters to debtors in the hopes that some success will come from collecting what is genuinely owed to you. While doing all of this you notice that you also have your own job and what the boss really wants is to have your job done well AND the debt collected. You could always keep working two jobs or perhaps it is time to convince your boss it’s time to use a professional debt collection agency. Here are some handy tips to arm yourself before the discussion starts.
Experience
Collecting debt is not simply about making sure you have sent notices or text messages to debtors. It is about how, when and what you say when you do make contact and also knowing what the correct procedures are. Often with decades of experience and highly trained staff, a professional debt collection agency can make short work of what may seem a highly improbable process. You may find that some of the debtors you contact are well aware of the debt and are expert at making empty promises and missing agreed deadlines. A well-versed debt collection agent will know all of these delaying tactics, making sure you get what is rightfully owed to you in a simpler fashion.
Time
As a business grows so the responsibilities of each department and one of the most crucial areas to stay on top of is debt collection. Not collecting what has been invoiced can lead to cash flow problems and eventually to serious business operations headaches due to insufficient funds. This is why it is imperative to ensure your clients pay on time. Using an in-house team may seem like the obvious and cheaper choice, however this will also hamper the staff’s ability to execute the roles they were hired for, such as sales, marketing or finance duties. An effective business leader always tries to get the best possible skills to operate in their specialist environment, saving time and money. An expert debt collection agency is ideal to take the load off of an overworked team and ensure quality outcomes.
Bespoke Software
Keeping track of your income and expenses is what most financial teams and accountants are employed for, keeping track of debtors can be done on their accounting packages but often these software suites do not allow for detailed reporting on and notes on discussions with your debtors, setting up automated contact reminders, keeping track of correspondence or even providing proof of attempted communication. A professional debt collection agency will make use of bespoke debt collection software to ensure that your debts are collected and reported on in a timely manner. You can finally get rid of the spreadsheets you have been keeping and provide your boss with specialised debt collection report.
At Blake we measure our success by your success, our clients trust us to deliver on debt recovery and operate on their behalf, while putting their customers first. Give us a call on +27 31 538 4000.
