Ask, Ask Ask.

In recent articles, we have discussed improving Debt Collection methods. But all of that is useless if you do not have the correct records. Debt Collection is an important part of any Irish business and this all starts with obtaining your Customers Details. Without good inhouse processes, businesses can really struggle to operate optimally. All businesses rely on cashflow to operate and without good systems in place, a business can really struggle to pay its own debts. It all becomes a vicious cycle. An effective debt collection process starts with a highly effective system starting with obtaining your customers details.

Imagine realising you have not received payment because you sent the Invoice to the wrong email address, the wrong business or the wrong address. Imagine you needed to take legal action against an entity, but you were unaware you needed to take action against.

Business is becoming more complex and certain people want it that way. They set up shelf companies and fold them when debt builds up. It is the responsibility of every business to conduct their due diligence before commencing works and racking up a large debt they cannot get paid. Credit Limits, Credit Checks are very important at minimising this and will help your company reduce its debt in the long term. There are some tips on obtaining client information here.

Today we will focus on getting the correct Company Number and how that can help businesses like us get our debts paid.

It is as simple as getting your Customers Details. Get Contracts and request details on them.

We are not talking about getting your clients to sign their lives away with 50-page Contracts. There is a need for that in certain situations also, but in most situations, getting the important details and terms agreed to will suffice.

Ensure you obtain:

• The companies details and proof of registration. Every company should have this.
• Include specific costs in your contract and advise of possibility of variations if there are any. This ensures costs cannot be disputed down the line.
• Conduct Credit Checks to ensure the company you are dealing with does not owe money to other Creditors before agreeing to work with them.

By completing these steps, you are guaranteed to reduce your debt recovery issues and also ensuring the likelihood of greater success should you seek assistance with debt recovery. If you have any questions please Contact Us.

If you need help with Debt and Money Management, please see MABS website. MABS is free, confidential and independent.