Credit control outsourcing services
Improve cash flow, avoid bad debts and build stronger customer relationships with outsourced Credit Control services
Discovery CallOptimise Your Working Capital with QX’s Credit Control Services
Optimising cash flow and avoiding bad debts are two key objectives of any successful business. This is why setting up an efficient credit control function is extremely important for any business – no matter how big or small. However, the complex nature of credit control processes can often make it a big burden on in-house accounting teams.
Through its outsourced credit control services, QX ensures that you get paid promptly by adhering to credit control best practices and process excellence. Benefit from process excellence, reduce burden on accounting teams and drive focus to core business activities with QX’ s credit control services.
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Benefits
Reduced DSO
Introduce a team of dedicated credit control experts to your business to reduce your DSO and cash collection shortfalls.
High Performance Teams
Implement a highly effective credit control process through daily monitoring on call logs, real-time status on number of ledgers chased by the staff and call barging.
Better Customer Experience
Ensure that your business relations are not hampered as our trained credit control communication experts send out ample but polite reminders.
Future Focus
Benefit from our team of credit control experts to free onshore teams of mundane credit control tasks.
Customised Reporting
Unlock upselling opportunities and improve collection strategies with tailored MIS reports and detailed debtor’s reports.
Services
- Pre-invoice check
- Invoicing
- Post-invoice verification
- Chasing via telephone, email, fax
- Follow-up for invoices and payments promised
- Dunning letters and statements
- Update remittance advices and receipts from bank statement
- Cash allocations
- Debt collection against previous aged debtors’ report
- Liaise with legal & compliance department for legal action
- Credit control MIS reports
- Aged debtors report with last month comparison and commentary
- Collection by age of the debtor
- Debtors’ report with comments on debtors older than 60 days and 90+ days
- Debtors’ ledger review
- Suspected debtors – “Debtors can’t pay” and “Debtors wouldn’t pay” analysis
- Reports for debtors “On stop”, debtors for “Legal actions”, debtors for “Recommencement”
Software Capabilities
The QX team works with industry-standard software to streamline finance and accounting. Additionally, we are also flexible to incorporating any additional systems in our solutions to suit your specific organisational needs.
FAQs
Here are some of the most frequently asked questions around Credit Control outsourcing. If you have a question that isn’t answered here, please feel free to contact our team – we’ll be happy to help!
An experienced credit control outsourcing partner can help your business reduce late payments and bad debts while improving your customer relationship. Such partners also allow companies to identify and implement the right technology, which in turn simplifies and automates various tasks related to credit control. Finally, outsourcing credit control also enable your business to keep a systematic and detailed record of clients, offer gentle due date reminders, provide swift query resolution, conduct polite but firm follow-ups for late payments, escalations, and dunning letters & statements.
There are several early symptoms that you should be on the lookout for, before taking the decision to outsource your credit control. If your business has been sending late invoices, is using outdated software, lack standardised processes and ends up writing off bad debts frequently, you must consider credit control outsourcing. In addition, if your finance team feels burdened with routine credit control tasks, partnering with a specialist service provider might be the best solution.
No! Experienced service providers usually pay extra attention to building trust with your customers whilst encourage them to make timely payments. They will also provide you with regular updates and reports on their activities to ensure you’re in the loop. A third-party service provider can also help introduce a team of credit control experts to your business, which follow firm but polite, pre-defined methods for invoice chasing. Additionally, they will consult you before taking any action against disputed invoices and accounts that might be of concern.
Choosing the right partner is a key business decision that can define the success or failure of an outsourcing project. While picking your outsourcing partner, it is important to study their industry experience and knowledge of relevant tools & software. Certifications and accreditations also serve as a good means to define reliability of a service provider. Finally, transparent communication, flexibility and attention to detail are some other qualities that can help a service provider stand out from the rest.
Outsourcing credit control services to QX is a straightforward process. It starts with defining tasks and objectives, followed by consultations and a detailed service agreement. QX understands your systems, conducts credit analysis, and sets limits – we train and set up the team that will work dedicatedly on your project.
Working closely with the onshore managers, this team will manage invoices, statements, debt collection and ensure accurate cash allocation. Regular reporting allows performance analysis, fostering continuous improvement. The partnership emphasises open communication and compliance. Our skilled team uses industry best practices and technology for precise and timely credit control tasks.
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