Unfortunately, not all customers are as reliable as your business when it comes to making payments or honouring their contracts. Anyone who runs a business will know that cash flow is a crucial element in ensuring continued operations and collecting on debt, invoice and revenue management is an integral part of that. Collecting debt or managing complicated invoice procedures can be a time-consuming task, drawing precious resources away from your primary business goals. Businesses need to ensure that debt collection and revenue management is a priority as the older the debt gets, the harder it is to collect. Appointing a debt collection agency is one of the easiest ways to resolve the debt collection process, allowing you to put the focus back on your business.
There are many reasons why you should choose an agency to manage your debtors’ book, as well as your invoice and revenue management. The agency debt collectors have an extensive knowledge base and bespoke systems for handling the debtors and invoicing process to ensure the best returns. Most debt collection agencies will be aware of tactics used to avoid paying debt and how best to handle each situation, while understanding that those in debt could be under many life pressures. Debt collection agencies will also know the legal implications and be in a position to enforce the best solution for your business. Here are a few reasons why you should appoint a debt collection partner that is able to manage full lifecycle of your business from invoice to revenue management to debt collection.
Only pay when you get paid
Most debt collection agencies will offer tailored made debt recovery and credit life cycle solutions to fit your business requirements. This includes negotiating a portion of your debtors’ book so you only pay for what is recovered, ensuring your potential losses are minimised while maximising your returns. By structuring your account in this manner, you can ensure that your business goals as well as that of your debt collection partner are strategically aligned. In addition Blake and Associates are able to offer bespoke invoice and revenue management, so you can reduce your debtors book before it occurs.
Bespoke software solutions
Keeping track of your debtors can be managed within many accounting software packages but these are often not designed to specifically interact and keep records of debtor interactions. A reputable debt collection partner will offer customised software solutions to ensure the most optimal debt collection procedure. One such solution is Traceps, the leading online debtor tracing and investigation tool in South Africa. This software will allow access to individual and company records for data on any device with instant reliable results.
Access to experts
There are numerous legal requirements to be aware of when attempting to collect debt and a debt collection agency will be well versed in the best way to structure your collection process to ensure your business remains protected. Appointing a debt collection partner to recover unpaid debts for your business eliminates the legal risks involved with attempting to do this on your own. In addition, a debt collection agency will have appointed trained professionals whose primary focus is collecting on your behalf and increases your chances of collecting on delinquent debts. These experts should be well versed in not only collecting debt but managing your billing process to ensure a smooth end-to-end financial result.
When running a business, the last thing you need is more work without the promise of reward. There is no need to hire more staff, manage them, provide office equipment and consumables, adding extra expenses to something that should not cost you. By appointing a debt collection and revenue management agency, you can free up resources that allow your business to continue operating. An agency’s primary focus is to collect debts and manage revenue, leaving you to do what you do best, running your business.
If you are looking for a professional and reliable partner get in touch with Blake and Associates a Level 1 BBBEE contributor. Blake and Associates is a customer lifecycle management business with 28 years of experience in the delivery of debt collection, call centre and data service solutions shaped to your business needs.
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.