Improving performance – Debtor days down by 24%
Particularly for businesses which raise a large number of invoices, credit control can be a burdensome task as the level of time and effort required can be challenging and take valuable time and resource away from the core business.
But many businesses are now recognising that full or partial outsourcing can bring extensive benefits.
We were approached by a business to improve their credit control performance, allowing them to focus on fulfilling customer orders without having to worry about incoming payments.
The nature of the business and its customer base meant credit control was a challenging task, given that their high volume of low value invoices were typically raised to customers in sectors which are notoriously difficult to secure timely payment from.
By understanding the nature of the business and its customer base, Hilton-Baird Collection Services was able to create a bespoke solution that would allow our client to regain the time to focus on their core activity and growth strategy.
Our confidential service, which includes the provision of a dedicated phone number and email address, means we effectively act as an extension of their team, talking to customers throughout the credit period to keep our client’s invoices front of mind whilst preserving their all-important customer relationships. Should any invoices exceed credit terms, our team of credit professionals is quick to work with them to obtain payment.
The service we offer is extremely transparent, with our client given 24/7 access to our dedicated Client Zone, which provides real-time reporting as to the status of each individual invoice and account.
Since instructing Hilton-Baird, our client has seen significant improvement in their cash flow. Within three months, we have successfully reduced their overall debtor days by 24% and brought many notoriously bad payers in line with our client’s terms, allowing them to continue to trade with them in confidence.
If your business is spending valuable time and resource chasing customers for payment you too could benefit from our confidential credit control services. Contact our team today on 0800 9774848 to find out how our award-winning team can help you.