Debt Collection for Accountants
Debt Collection For Accountants
The Accounting industry contributes billions of pounds to the economy every year in the UK.
Are you an Accountancy Firm which has been hit with difficult clients who are not paying for the services you have provided?
If this is the case, there are usually several reasons why you may not be paid by your clients. This is when it is time to act fast and take precautions to ensure you are paid, and it is important to know what to do should this problem occur.
After all, it is you who is responsible for sorting financial related tasks for your client, so it is important to not let them be responsible for affecting your finances.
One of the most important aspects of sustaining an organisation is cash-flow, and so it is extremely important you act as to not prolong your debt being collected.
Taking the RIGHT steps to get your money back is vital, as making the wrong decisions or choosing the wrong approach can be worse than leaving the debt.
Accountancy Firm Debt Collection – Scenarios
Whether your client has missed payment dates, is making excuses for not paying or has left payment without any communication, it is imperative that you receive the right help to getting your money back quickly and efficiently.
It can be extremely frustrating when this situation occurs, and it can have serious impacts on the organisation and the relationship with the customer.
There are usually four main responses when it comes to the owing of money by companies, including:
- Leave the debt – this is usually out of fear of jeopardising the relationship with the client or thinking that it will be more hassle than it is worth.
- Continue chasing – typically, if you are owed money by a client then you would send emails and make phone calls until they pay. This is sometimes not the most effective method and will no doubt waste resources should payment be forthcoming.
- Taking the client to court – this can be extremely expensive and will most likely ruin the relationship completely with your client.
- Instruct a professional and trusted Debt Collection Agency – this is the best option. A Professional Debt Collection Agency such as Federal Management will be able to recover the debt on your behalf in the swiftest and low-cost manner possible, whilst at the same time allowing you to concentrate on your core value-driven actions. Federal Management – How To Get Your Debt Recovered
How To Get Your Debt Recovered – Federal Management
Using a Debt Collection Agency to undertake the recovery of your unpaid accounts fees is singlehandedly the best decision to take when you are faced with this situation.
Since 2004, Federal Management has recovered millions of pounds every year on behalf of Accountancy Firms. Our Commercial Debt Collection solution is of the highest quality within the UK, providing unmatched results with efficient and effective professional services. We achieve recovery rates of up to 90% on undisputed Accountancy debts.
Choosing to use the specialist solution which Federal Management provides as opposed to methods such as Solicitors, or independently trying to recover a debt, means the service you will receive from us is significantly more time and cost-effective.
We take pride in ensuring that customer relationships stay intact, and all cases are judged on their own merits and handled in the most professional manner possible. This will allow for future working opportunities which will in-turn grow your business.
Please remember – no Accountant has ever lost a client simply because they were asked to pay their fees.
Choosing the wrong option when it comes to Debt Recovery can be worse than making no decisions at all. Our award-winning team of experts provide the leading industry experience, working with Accountants and on behalf of Accountancy Firms.
If you are experiencing problem clients who are not paying for their Accountancy fees, get in contact with our professional New Business Team today on 0333 043 4420.