Outsourced credit control services from Innovus

Maximise Cash Flow with Outsourced Credit Control

25 June 2024 | Written by Innovus

Business Services

Maintaining a healthy cash flow is crucial for business success. However, many property professionals find themselves bogged down by the time-consuming task of credit control. If you’re struggling to balance collecting payments with growing your business, it might be time to consider outsourcing your credit control.

What is Outsourced Credit Control?

Outsourced credit control is the process of entrusting your accounts receivable management to a specialised third-party service provider. These experts take on the responsibility of chasing payments, managing customer relationships, and ensuring a steady cash flow for your business. By leveraging their expertise and dedicated resources, you can focus on what you do best – running and growing your property business.

Benefits of Outsourcing Credit Control:

a. Improved Cash Flow:
One of the primary advantages of outsourcing credit control is the significant improvement in cash flow. Professional credit control services use proven strategies to reduce debtor days and increase the speed of payments. With a more predictable and healthy cash flow, you can make informed decisions about investments, expansions, and other business opportunities.

b. Time and Cost Savings:
Managing credit control in-house can be both time-consuming and expensive. By outsourcing, you eliminate the need for recruiting, training, and maintaining an in-house credit control team. This not only saves you money but also frees up valuable time that can be better spent on core business activities and growth strategies.

c. Expertise and Best Practices:
Credit control specialists bring a wealth of experience and industry-specific knowledge to the table. They are well-versed in the latest best practices, legal requirements, and effective collection techniques. This expertise translates to more efficient processes and better results for your business.

d. Scalability and Flexibility:
As your property business grows, your credit control needs may fluctuate. Outsourced credit control services offer the flexibility to scale up or down based on your business requirements. This adaptability ensures that you always have the right level of support, whether during peak seasons or quieter periods.

e. Reduced Stress Levels:
Chasing payments can be a stressful and sometimes confrontational task. By outsourcing credit control, you remove this burden from your shoulders, allowing you to maintain positive relationships with your clients while ensuring timely payments.

When to Consider Outsourcing Credit Control:

  1. Your business is growing rapidly, and you’re struggling to keep up with credit management.
  2. You’re spending too much time on administrative tasks instead of focusing on core business activities.
  3. Your current credit control process is inefficient, leading to late payments and cash flow issues.
  4. You want to improve your debt collection rate and reduce bad debt.
  5. You need expert guidance on credit management strategies and best practices.

How Outsourced Credit Control Works:

When you partner with a credit control service provider, they typically follow these steps:

  1. Initial assessment: They review your current credit control processes and accounts receivable situation.
  2. Strategy development: A tailored credit control strategy is created based on your business needs and goals.
  3. Implementation: The service provider takes over the day-to-day credit control tasks, including sending reminders, making collection calls, and resolving disputes.
  4. Reporting: Regular reports are provided to keep you informed about the status of your accounts receivable and overall cash flow.
  5. Continuous improvement: The strategy is regularly reviewed and adjusted to ensure optimal results.

Choosing the Right Credit Control Partner:

When selecting an outsourced credit control service, consider the following factors:

  1. Industry experience: Look for a provider with expertise in the property sector.
  2. Technology and processes: Ensure they use up-to-date software and efficient processes.
  3. Communication: Choose a partner that offers clear, regular communication and reporting.
  4. Flexibility: Opt for a service that can adapt to your specific business needs.
  5. Cost-effectiveness: Compare pricing structures to find a solution that offers good value for money.

How Innovus Can Help with Your Credit Control Needs:

At Innovus, we understand the unique challenges faced by property professionals when it comes to credit control. Our dedicated team of credit control specialists combines industry expertise with cutting-edge technology to deliver a comprehensive outsourced credit control solution tailored to your business needs.

We offer:

  • A dedicated credit control specialist to manage your accounts receivable
  • Proactive collection strategies to improve cash flow and reduce debtor days
  • Regular reporting and insights to keep you informed about your financial health
  • Seamless integration with your existing systems and processes
  • A cost-effective solution that scales with your business growth

By partnering with Innovus for your credit control needs, you can enjoy peace of mind knowing that your cash flow is in expert hands, allowing you to focus on what matters most – growing your property business.

Get in touch today

Our team of experts is here to guide you.



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