Effectively Chase Debtors with Help from Bell4Business
Posted on 2nd February 2019 at 09:57
As a business owner, one of your biggest hassles is chasing debtors. You've done the work; now they need to pay for your services. When you have to spend time doing this, that means there is less time for you to do the important things like growing your business.
That's why you should consider outsourcing debtor chasing with Bell4Business.
We have the experience and expertise you need to get your money to you fast and with no effort on your part. Outsourcing debtor chasing not only gets your company what's due to them, but you can focus on the important aspects of running your business.
Here's a success story about how we helped a small business recover monies............
We had the chance to work with a company that was desperately trying to collect a large amount of total debt owed to them. The company did not have the time or means to chase them effectively. That's when we set to work devising a plan of action, starting with the most owed for the longest period.
Once we took over this important role for the company, monies started coming in. In only two months, we reduced their debtors. The original figure that was outstanding was £600K, spread across 325 accounts. Over this first 60 days, we were able to reduce the outstanding figure to £470K and 270 accounts.
Moving forward to collect the rest that is owed to the company, we are monitoring each account on a weekly basis. We provide detailed reporting of conversations and updates on promises to pay and settle accounts. This reporting allows our client to see in one easy glance where they stand with monies due. With this critical information, the client can then take further appropriate actions such as reducing credit limits or terms or if necessary, filing a court case to recover monies. However, we have found that once a debtor is receiving weekly contact from us regarding the debt, they are
more likely to finally pay and be faithful to their payment terms.
When you work with Bell4Business, you'll find that we strive to be proactive rather than reactive when it comes to chasing debtors. Not only are we following up on past due amounts but also seek the next period's invoice due. This ensures that an invoice or query doesn't get lost and will be dealt with effectively.
If you're tired of chasing debtors, consider outsourcing. We have the experience and expertise to be an extension of your company, and we'll work hard to recover those monies owed to you. We work with local businesses in Hull, Beverley, Yorkshire and Lincolnshire.
Contact one of our team today on 01482 842802 to learn more about what we do.
Share this post: