There’s no doubt about it, running a business can take up a lot of your time, meaning that you can’t focus on growing your business and making important connections. Outsourcing certain tasks, like credit control, can not only ease the pressure on your team but boost productivity and help you to control your cash flow. While outsourcing may make things a little easier, you must ensure that you are getting the most from your service.
There are many businesses out there that you can outsource several major business tasks to. Make sure that you do your due diligence and find the best company for you. Take the time to meet with the company and read their reviews and testimonials, this will give you a feel for how they handle their work. When it comes to outsourcing your credit control, you need to think about how much, or how little, you are willing to subcontract. You may want to outsource all overdue accounts, only outsource accounts that are 90 days overdue or even just those clients that have accounts with a certain amount overdue.
Before you begin the process, your agency will let you know what information they need from you. It is important to keep organised to help the process move along smoothly and quickly. Make sure that the clients account information is up-to-date, and you have a record of all correspondence and communication attempts with the client. The more information that you can provide at the beginning of the process, the easier that it will be.
It’s easy to pass over accounts to an agency and completely forget about them, but if you want to have a deep understanding of your cash flow and your business’s financial position, then you must keep in contact with the collection agency. Make sure that you know who your point of contact is and, if necessary, have a dedicated member of staff in your office who deals with the third party. That way you can easily keep track of progress, and the process remains simple.
At Commercial Domestic Investigations, we know how difficult it can be to stay on top of everything. We offer a range of services to assist your business with credit control, from credit reporting to invoice collection. To speak with our expert team about your needs, contact us on 08444 159200, use our contact form or email firstname.lastname@example.org