Financial Directors - DO YOU KNOW HOW MUCH YOUR CREDIT CONTROL IS COSTING?

Staff Costs

1.      Basic wage +national insurance contributions + Holiday entitlement + pay for cover during holiday + recruitment costs + sick leave or maternity/paternity leave factor in any tribunal costs

2.      Premises and office equipment for that member of staff

3.      In the near future you as an employer will be contributing to their pension

Other hidden Costs

1.      Disputes – lower cash flow

2.      Write offs – reduce turnover and profit

3.      Legal fees reduce cash flow

4.      Debt Recovery fees – reduce cash flow

How can Liquid Recovery help?

·        We can reduce the costs of staffing

·        Ensure that your credit control is carried out efficiently

·        Reduce disputes/ identify them earlier and resolve them

·        Reduce debt recovery and legal costs

Overall you see get better cash flow and have one company helping you with credit control and debt recovery.

Financial Directors want to improve Cash flow and reduce costs

As we speak to more and more Financial Directors it is becoming clearer to us that cutting costs is a paramount concern alongside the improvement of cash flow.   

What things are FD’s considering when looking improving turnover, cash flow and cutting costs.

1.    Do they have the right people in place to do their day to day credit control activities?

2.    How many customers are late paying, on hold or disputing invoices

3.    How much is being charged in debt recovery of legal fees

4.    How much is it costing in terms of employment costs for the credit control day to day running.

Are you interested in making a saving?

What are some of the issues you see on a day to day basis – is this something that can be addressed by Liquid Recovery – where we do not do water cooler talk – we want to perform so we can maintain our contract with you.

The time for a coffee is 15 Minutes – Liquid Recovery are here to improve cash flow and increase turnover.

Tips – Credit Control

1.   Process ensure that you and your team know what the processes are.

2.   Ensure that you have a set time during the week to chase late payer

3.   Ensure that draw a line in the sand and know when a late payer becomes a debt.