Collecting monies owed from late paying customers or clients can be time consuming and a drain on resources, especially if you are responsible for running your business day-to-day too. Outstanding invoices can also be dangerous particularly for small businesses; disrupting cash flow, which can lead to financial difficulty.
The best way to collect debt is to ensure that you already have an effective and proactive credit control procedure in place, know you customer and have clear terms and conditions.
Having effective and automated credit control procedures in place will mean your customers and clients know they cannot get away with paying late or using your company as a cheap or even free source of finance.
Some of our clients use Forbes Collect as an extension of their credit control. This can help to maintain positive business relationships, while depersonalising the debt collecting process and it also encourages earlier payments, which will help to keep your cash flow healthy.
Knowing your customer is the mantra of every business but it should not just apply to your marketing and sales teams; it is also important for your finance department to understand them and it can be crucial to maximising your return. Important factors to consider are:
Having clear terms and conditions, which are explained to the customer or client from the outset, is essential for maximising your chances of being paid on time. Ensure that your terms and conditions include the following:
Make sure the terms are signed and agreed to as part of a contact before your dealings commence.
Contact Forbes Collect today on 0800 689 4176 or email us on firstname.lastname@example.org
The New Debt Protocol comes into force on 1 October 2017 and you need to prepare for the debt recovery…
On behalf of everyone here at EvolveU we just wanted to say a massive thanks for all of your help and assistance with the Traffic Engineering and Management Services Limited
We are delighted with the Professional manner in which Forbes Solicitors deal with all our legal requirements and would not hesitate to recommend this Company.
Trident Fire & Security Group Ltd
We asked Forbes Solicitors to help when a client would not pay his bill. I sent an email to Katy, received a reply straight away, we were advised of the action that would be taken
Abby Welding Ltd
I contacted Alison at Forbes Solicitors regarding an outstanding debt of £44,554.27 which we were having problems getting paid for I would just like to say what a very quick and professional service
Thermal Hire Ltd
The Woodscape Group have been relying on Forbes Solicitors for over thirty years and the work carried out by Alison Nelson and the team over the last few years has only strengthened
DPFOC relies on Forbes for all legal advice. We find the service to be professional, well-informed and affordable.
Eddie O' Driscoll
I was owed money for plumbing services provided and despite several conversations with the debtor to request payment, he was dishonestly claiming that he had paid despite their being no evidence
Back on Tap Plumbing
Alison and her team have worked with us on a number of occasions now - so much so that we see them as an extension of our business!
Higher Access Limited
Forbes have helped me immensely with bad debt recovery over the past few years.
Able 2 Ltd
I have used Alison Nelson for a number of years for debt collection. I would strongly recommend her for similar work.
Consultant Plastic Surgeon
I recently passed a referral to you for a contact requiring a debt collection service. The contact had an outstanding debt of around £2,000 that had been owed approximately one year.
D&M Creative Limited
We have used Alison's services on a number of occasions and have always received the desired results!