Credit control can be one of the easiest jobs in the world sometimes. On the other hand, it can also be one of the worst and most stressful jobs in the world sometimes. The reason? Debtors.
If you have a great group of debtors, this usually means that you are paid on time and there are no issues with missing payments, excuses for payments not being made, and so on. If your debtors are not so great, this usually means that payments are often delayed, not paid in without being chased countless times, and sometimes it means that you can end up in court battling to receive the payment you are rightfully owed.
Unfortunately, even though we have many tools in our arsenals when it comes to dealing with other businesses, we can’t force people to remember payment dates or indeed make payments so you have options available to you that might allow you to work in a smarter manner, those being:
- Invest in an in-house credit control team and train them up – this will take man hours to do, and you would require them to be trained on the accounting side of things by somebody who has a thorough understanding of it (which may not necessarily be someone you already have in your business, therefore costing you more money).
- Take control of things yourself which could prove costlier in the long run, especially if you have no knowledge of the accounting side of things as you may make an error that cannot be easily rectified.
- You could outsource your credit control……
Outsourced credit control in London is becoming more and more popular as it takes away the stress of having to chase your debtors yourself, instead leaving it in the hands of qualified professionals who can take the stress of chasing people for your money.
There are plenty of companies out there that offer outsourced credit control, however if you are situated in, or near to London, it may be worth you checking out Racing Credit Control. The team at Racing Credit Control will take away the headache and stress of chasing your late payers, and have over 25 years experience in debt recovery. They also have a parent company under the name of AR Legal Collections Limited, who can take your debtors down a legal route should the Racing team exhaust all of their options and powers.
Don’t let credit control get in the way of you running a successful business, outsource it today and reap the benefits that this brings. A good place to start may be to contact the team at Racing Credit Control who will only be too happy to assist in resolving any queries and answering any questions you may have at this stage.