Collection Consultancy Australia | Businesses

Collection Consultancy Australia

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18.01.2022 Prevention versus Reaction: If you are going to take on a new client, look at prevention rather than reaction as to if this client may go bad. Make sure you know who you are dealing with. Google the Company and the Directors. Make sure you have signed terms of trade (yours - so that they look after your interests...just make sure they are not unfair to your client). Again - make sure they are signed! Do a credit check. There are several reporting agencies: Equifax, Cre...ditor Watch, Experian, D&B - use them. Lodge a PPSR over the Company. This will make you a secured creditor - this also stops any chance of preferential claw back by the liquidator. All of this will make you a lot better protected. The reactive is to just take out credit insurance and hope that the client is covered (some industries, type of clients are not even though that was who you wanted covered). Or giving to the debt collector or lawyer at 90 days is in many cases "game over" without signed terms, a PPSR registration and a good paper trail. Prevention is a lot smarter than reaction! #cashflow #protection #PPSR #Collectionconsultancyaustralia See more

17.01.2022 People wont insure their business as they don't want to out lay some money and upset their cash flow in the short term as "nothing has gone wrong so far". However; You insure your car "just in case".... You insure your house "just in case" You insure your life again "just in case". But for many businesses, they take no "insurance", create safety nets or even check that they are not walking into a gun fight with a paper plate as protection. The PPSR is one of the greatest protections for a business but hardly anyone knows about it - and less use it. I still have accountants even tell me that it is for securing vehicles and equipment. You can secure your creditors for 7 years and become a secured creditor and not open to preferential payment claw back. Look at doing PPSR (registrations), have relevant terms of trade (AND GET THEM SIGNED!!!), do credit reports - those things above are helping insure your business "just in case". #cashflow #collectionconsultancyaustralia #automate #needhelpcallme #insure #justincase

13.01.2022 Small businesses are feeling the pinch on their cash flow due to a tightening economy with nearly half admitting they are undercutting their competitors by as much as 30% to win work. A recent survey by services marketplace Service Seeking.com.au revealed that 42% of business owners have dropped their profit margins to keep their business afloat. If you are using these tactics, there has to be adjustments in other areas. If you are dropping your revenue then you must look at... costs. How can you make cuts that will have a positive impact yet not drop service or quality? Automation and BPO (off shoring) can certainly give you relief from staff costs, give you greater efficencies, work flow process but you must make sure that service and quality does not get impacted. Many front line client interactions can be effected by bad IVR projects, accents that are hard to understand or so scripted that flexibility and common sense is impacted. Done right though, you can have many positives out of the experience and impact positively on cash flow making it a win/win all round. #cashflow #collectionconsultancyaustralia #automation #serviceseeking.com.au #worksmarter

09.01.2022 Stuart Rose, Commercial Director of ISS posted the below from a Deloitte Global Outsourcing Survey (2016). #SMH - Dianne Carillo - Pure B2B It has some significant data as why you should outsource: 1. Cost cutting... 2. Enables focus on core business 3. Solves capacity issues 4. Enhances service quality 5. Critical to business needs 6. Access to intellectual Capital 7. Manages the business environment 8. Drives broader transformational change Many will think this is aimed only at mid to large Corporates - but that is only part of it. An example of using the automated accounts receivable (end to end) software that I am working with: If you have 100 or 1,000 invoices per month, simply it will take you time to follow these up. On average, 1 invoice if unpaid for the month will take 5 minutes per action. So 2 reminders, 2 demands and then prepare to send to debt collection will take 25-30 minutes (4 x 5 minutes and 10 minutes to prepare info to send to a debt collection agency). So times 25-30 minutes by 100 and/or 1,000. Low end is 40 hours or 400 hours. Our software will take 5 minutes in total per week = 20-30 minutes. That sends off all the reminders, demands and all information to the debt collection agency. In the mean time it has done a data wash, you are able to work on core business issues, you do not have to employ more people, the work flow process and efficiencies coupled with better compliance, reporting, increased cash flow, decreased days outstanding all can only have your business in better shape. Further, you have a payment gateway so that your client gets a better experience - plus the ability to query the invoice and giving you a heads up to issues that may be causing slower payment or errors in your own system. Many do not know what the right collection processes and work flows are or have the ability to get policies to be compliant - this does it for you. You can then look at what else is needed and understand the benefits and ease of outsourcing processes which can then give you greater comfort to look at further ideas. So the above 8 items have all been ticked - the greatest benefit though is that you get a lot of time back, you save money chasing what should be yours, you have better vision over it and your cash flow will increase. According to Deloitte’s Global Outsourcing Survey in 2016, the most common reason (59%) companies outsourced was because they saw it as a cost-cutting tool. But a close second (57%) is that outsourcing enables a greater focus on Core Business. Lowering cost may well be an impportant outcome achieved through outsourcing, but a far better conversation to have with outsourced service providers is to see how they can support you to focus on your core business! http://iss.smh.re/B7J #SMH #diannecarillo #deloitte #stuartrose #outsource #cashflow #collectionconsultancyaustralia #smartstuff #whywait #morereasonsthanone #SMH #hopeihavecreditedtherightpeople #pureb2b #IODM #automation

07.01.2022 Is it better to get stuff done for your day but still be behind the 8-ball or take 30 minutes out and try and discover how you can get more hours in your day? Have you got efficient technologies? Do you need automation? Do you have the right team around you?... Do you need more head count? Have you got to many reports (to you) or do you do too many reports? Are you too close to the issue that you can't see the problem? Are you just drowning under the load? Too scared to make a decision in case it is wrong? If you have not got time to investigate these matters, how will things change? Not having time is generally inefficiency or a major issue. So, is it better to stand back, take time to investigate or just tell anyone who rings, asks or tries to meet that you don't have time? My thoughts are you have nothing to lose. If you are working a 10 hour day, chances are in a years time you will still be doing a 10 hour day...or possibly 12 as you have multiplied the issue by avoiding it. Or you take 30 minutes out investigate, talk to others, experts, investigate new ideas and save yourself and your team hours of mental and emotional anguish. I know what I would do! #taketime #talktoothers #stopexcuses #worksmart #cashflow #automation #collectionconsultancyaustralia