- Small Accounting Practice, one branch, two partners, small country town.
- Partners reluctant to chase clients due to very close personal, social and working relationships.
- Existing staff unskilled in both collection techniques and skills and not very keen to be involved.
- Practice suffering cash flow problems due to local drought, clients with poor cash-flow as well as having no effective collection procedure in place.
- Several long-standing clients with large overdue accounts, many with small balances.
Results after three months
- Overdue accounts (60d and 90d+) reduced by 32%. It has remained at the lower level.
- Time saved – Staff and Partners now spend considerably less time actioning or worrying about overdue accounts.
- A cost-effective accounts receivable system was created and is now being run off-premises and debtors are not aware that any “outside body” is involved in the account collection process.
- OPS Global now perform the entire Credit Management function for the practice - including generation of reminder letters, making phone calls, sending emails and reporting all feedback in a timely manner.
- More control – Management are now aware of exactly what is happening to the cash-flow in the practice.
- Less Client confusion – Payment of Fees is discussed with all new Clients during their Initial Appointment. (Clients are now contacting the practice if unable to pay on time!)