Managing Credit Control And Recovering Bad Debts

When you are doing everything in your business, you’ll appreciate that there are only 24 hours in a day. And if people are giving you the run around ‘I’ll pay you later’, ‘yes i’ve been meaning to get round to it’… and then in some cases ignoring you altogether, it can drive you round the bend!

Get in a bookkeeper, and make part of their routine include some credit control – chasing up outstanding debtors, sending our statements, addressing any issues or queries that are stopping people from making a payment. This will solve some of your problems, because a bookkeeper is a neutral person. Sometimes a client needs to deal with someone else in your organisation, not you. Boogles Ltd don’t even have to come to your office to do the credit control for you. If we have an aged debtors list – we can do some of that chasing from our offices / off site.

£30,000

You’d be amazed, that with one client, withint he space of about 2 weeks, just with a gentle nudge and reminder letters and emails, £30,000 of cash came in after an afternoon of credit control. IT IS ABSOLUTELY WORTH IT.

90 DAYS

HOWEVER, one needs to put a time limit to this. If after 90 days the money has failed to materialise, and no payment plan is in place, then its time to call in the Debt Collector / Recovery agent.

Specialists like this are experienced and trained to get your money out of people. Listen to the recorded interview we did with Clayton Coke of PRMS Ltd talking about ethical debt recovery and how to manage bad debts. You Tube link: http://youtu.be/nWSfjgnLnZo

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