“A platform to move our business forward”
When it comes to business success cash is king, which is why making sure your order-to-collections processes, policies and systems are as effective and efficient as possible is essential.
With a clear picture of your performance and some independent feedback on improving your processes you can give your business the best possible chance of success.
We were instructed to conduct a full receivables management review of a leading supplier of personalised school uniform after concerns were raised about the volume of aged debts on their sales ledger.
By performing a comprehensive review of their receivables management processes, we were able to provide expert recommendations to get the client back on track and ensure success going forward.
Our review has been developed to ensure no element of a business’s receivables management function is overlooked, focusing on eight key areas including credit policy, account setup, invoicing and training.
This comprehensive review uncovered a number of issues including significant delays in getting invoices to customers and the fact 54% of the £1.47 million ledger was more than 45 days beyond agreed terms.
As well as providing support and training to their existing team to overcome the issues raised, Hilton-Baird was engaged on an outsourced basis to provide a confidential credit control service in order to improve their sales ledger position as soon as possible.
The ledger consisted of more than 3,000 debtors, but we were able to successfully recover £454,000 of the aged debt within just 45 days of instruction and £644,279 in the 3 months we provided the service.
Now, confident that their ledger is in better shape and the processes are in place to support their efforts, the client has taken their credit control function back in-house with a glowing endorsement of Hilton-Baird’s services from their Finance Manager:
“Please pass on our thanks to all the team involved. They have put us in a much stronger position and have given us a platform to enable us to move our business forward.”
To see how we could help your business, contact us on 0800 9774848 or collections@hiltonbaird.co.uk to discuss your requirements.
