Bad debt collection is an important requirement for any size of company. Failure to implement effective bad debt collection strategies will result in loss of profit, reduced cash flow & will leave less time to concentrate on core business activities.
Many companies end up in Liquidation because they fail to adequately cope with bad debt collection. They may have good products or services to offer & a market place into which to sell those products or services, but if they do not get paid & effectively collect bad debt then the business will fail. Many businesses that fail do so having significant book debts. If those debts had been recovered by way of effective credit control & bad debt collection procedures then there would have been more cash in the business to allow it to continue trading.
The need for bad debt collection can be avoided if effective credit control procedures are put in place. Prevention is better than cure. If payment terms are imposed & steps put in place to enforce those terms then the need for bad debt collection will be greatly reduced & cash flow improved.
Bad debt collection becomes harder the older an overdue account becomes. For this reason, many bad debt collection companies will charge more for their services the older a debt is. It is therefore important not to allow your unpaid accounts to be left unattended & turn into bad debts that will need a professional bad debt collection service.
Once an account becomes significantly overdue thus becoming a bad debt, professional help should be sought from a debt collection agency. Credit Collections (UK) Ltd is such an agency that can assist your business in all areas of bad debt collection. Credit Collections (UK) Ltd can help you recover unpaid accounts & in doing so replace much needed funds into you business. The cost of an unpaid account to your business is far more than the cost of engaging an agent to assist with your debt collection.
Bad debt collection does not have to be difficult. Credit Collections (UK) Ltd can manage your unpaid accounts simply by receiving a copy of your aged debt report from you each month. Credit Collections (UK) Ltd will put in place effective bad debt collection procedures & ensure that your customers remain within your payment terms ensuring that you have minimal exposure to bad debts. A set monthly fee will be agreed with you for this bad debt collection service, which in the majority of cases is significantly less then employing staff & certainly less than the cost of an unpaid debt.
1 Sheffield Road
Tel: 01246 411931