In these times of uncertainty, for all businesses, strong and proactive cash collection measures are more important than ever. Maintaining an efficient credit control strategy can be challenging and time-consuming, especially with the added time and stress it takes to chase late payments.
If you’re spending lots of time on overdue invoices to the detriment of newer items on your sales ledger, it could be time to call in help. By utilising the services of an outsourced credit controller, you could improve your cashflow and regain the time to focus on more positive aspects of your business.
Option 1 - £20 per hour plus 20% of all "aged debt" received - aged to be agreed but a for instance would be anything over 30 days due.
Option 2 - £30 per hour straight.
Option 3 - flat fee of % of cash generated from collection activities (To be discussed, based on size of the ledger).
An example of 3 may be that we manage specific debts say over 60 days and say £5k (i.e. troublesome and big) and we take 2.5% of gross invoice value collected, capped at £1,000 maximum fee per debtor.
Given these times, we would expect our fees to be paid out of the cash that is generated with raised invoices paid within 7 days.
All options can be structured on all debt or selected debt only (thus our time is focused on just the problematic customers).
All work will be recorded/managed on Office 365 with the EFM Associate (or client) having live access.
Your time is precious and in the current environment when you have multiple business challenges and staff shortages, ensure cash collection continues, and outsource this critical process to those who do it daily for multiple companies. To find out more, please get in touch with the EFM team via firstname.lastname@example.org or call 01582 516300.