Time to collect? Getting your cashflow back on track

October 8, 2021

Late payment has long been a problem for businessowners, with the COVID-19 pandemic compounding cashflow concerns. So, what should you do if monies owed are piling up? Is it wise to come up with your own debt recovery strategy, or is there merit in getting professional help?

www.muckle-llp.com @MuckleLLP

 

According to a study by pay UK and the Chartered Institute of Credit Management (CICM), more than half of the country’s smaller businesses said they experienced late payments in 2020, amounting to a collective UK debt burden of £17.5 billion.

The pandemic has undoubtedly hit business hard and, arguably, the full impact on company liquidity is yet to be seen, with many commentators predicting a ‘debt tsunami’ may lie in wait in the months ahead.

At Muckle LLP, we often hear from clients that their own debt recovery efforts can prove to be a distraction from the day-to-day running of their business.

Many also find it hard to adopt the appropriate tone, at the appropriate time, and gather intelligence showing why debts aren’t being paid.

When it comes to debt recovery, we’ve been helping businesses get paid for more than 30 years, recovering 92 per cent of B2B debts.

And that wealth of experience is crucial when it comes to determining the best strategy to get results.

Julie Parr, director of business improvement, says: “Debt recovery is a crucial part of making sure any business survives, and we have very experienced debt recovery staff.

“But we also understand technology can help make the whole process easier for clients and the recommendations more intelligent too.”

And that’s the thinking behind Muckle Collect. The new online tool makes it easy for clients to log the details of a debt, agree a strategy for recovery and track progress – either for a fixed cost or on a ‘no recovery, no fee basis’.

Julie says: “We know that people expect always- on service delivery, and with Muckle Collect, clients can now set up cases at a time to suit themselves, with no fuss, keep track of progress online and have the reassurance that comes with our total up-front transparency on fees.”

The tool really comes into its own by allowing the team to get far greater insight on probability and predictability.

In short, it helps determine the approaches that get the best results for clients, and this can help inform the team’s advice.

This not only helps speed up the debt recovery process, but it also makes for better outcomes.

Julie adds: “Ultimately, the data analytics and scientific aspect of what we’re doing marks us out as being very different in debt recovery – it strengthens processes further and helps us become even better at debt recovery for clients.”

But for all the innovative technology, it’s human connections, expertise, compassion, and transparency that are at the heart of the service the firm provides.

So, if you’re struggling with debt recovery, perhaps it’s time to talk to the team?

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