Peer Review: A roadmap to better internal systems based on industry best practices
We evaluate a firm’s existing Credit & Collection operations with a “fresh set of eyes”, meeting with key management and office staff to examine their credit policy towards new clients, contracting process, routine in-house collection policy and key personnel involvement in the resolution of client issues.
7 Day Courtesy Calls: Effective tool in bringing down DSO
Virtually eliminates potential issues with processing and payment of your
invoices by customers.
Early-Out Services: Balance confirmation program encapsulated in 30 day period
Pre-selected clients are contacted by initial “friendly, auditing type” letter with telephone follow-up on a regular basis.
• significant amount of cash realized in short period of time
• reasons for non-payment are uncovered and reported to senior management for action
• ROI (return on investment) typically exceeds 30:1, with some as high as 200:1
Key Personnel and Project Manager Meetings: Engages key personnel in the Credit & Collection process
We work with key personnel to tighten up loose credit and collection areas and improve cash flow. Our program varies as to the size of our client and any special contractual needs. A common plan is described below and is broken down into three phases.
Phase I: Implementation of Standard Operating Procedures (SOP’s). Our SOP’s cover the credit approval process, contract compliance, controlling credit memos and write-offs, invoicing milestones, out of scope services and contract overruns.
Phase II: Provide Training to key staff in both Credit and Collection and modify the SOP to suit the firm’s individual management needs.
Phase III: Perform periodic audits to determine whether the SOP’s are followed and to measure the effectiveness of the process.
Our fees for the above services are billed at an agreed project rate.
Contingent Fee Collections: More cash less headaches
We are generally able to determine, and report to our clients, within 30 days of placement whether a debtor will pay. This shortens up the entire process freeing our clients to concentrate on servicing paying accounts and generating new business.
We provide our clients with expert reports, opinion and testimony in support of litigation regarding credit and collection issues.