Credit Control Service – Outstanding debt reduced from £200,000 to £7,000

One of our newest Credit Control clients has been with SG Credit Management (SGCM) for just over 6 months now, and did not previously have a structured collections service in place.

Over the course of the first 6 months, SGCM reduced the outstanding debt on the sales ledger by 96.5%, putting £193k in the client bank account (outstanding debt reduced from £200,000 to £7,000).

This improvement has been maintained so the average time it takes their clients to pay has improved dramatically.

‘We were recommended to look at credit control and debt recovery services by our accountants. This happened at a time when our work load had increased significantly meaning that certain elements of our work would be best outsourced so that we could concentrate on the provision of services to our clients.

Since October 2015 we began using credit control and debt recovery services. Our overall balance more than 30 days old reduced from almost £200k, to less than £10k. The average waiting time for payment of invoices has seen a 70% drop from 77 days in October 2015 to just 22 days by the end of August 2016. Cash flow has been boosted as a result of using this service.

Although credit control has been very successful (as demonstrated in the above figures), where debt recovery has been necessary, debts of £2,340.00, plus interest and late fees were also recovered.

I am very happy with the service and the fact that it has allowed us to focus on our core business.’

Read more about our Credit Control service or contact us to discuss how we can help your business.