When it comes to credit control, recruitment is one of the most prominent industries for which late payments become a significant issue. Effective credit control takes a particular set of skills, not to mention a set number of hours to focus on the task at hand.
The task of chasing for payment is often a daunting prospect, not least due to the prospect of damaging your relationship with a customer as a result. Credit control should always be carried out with customer service at the forefront, and therefore should never hinder a relationship.
As a result of the time-consuming and daunting nature of credit, many recruiters choose to outsource this facility, and with it comes a variety of benefits that ultimately allow businesses to operate efficiently, as well as improving cash flow.
Benefits of outsourcing credit control
Outsourcing any administrative requirements will ultimately save you time, however, particularly for credit control, you will free up a substantial amount of time, leaving you free to focus on your core business.
Proactive chasing of payments will ultimately ensure that late payments are reduced, and your customers pay you more quickly, thus improving your business’ cash flow.
As credit control is a customer facing role, regular contact with clients will always work in your favour. An effective outsourced credit control team will continually reinforce your client relationships.
A clear picture of your sales ledger is always beneficial for a recruitment business, it allows you to better plan your future activity and ensures that debts don’t escalate, an outsourced credit control function will provide you with a continually updated view of said ledger.