I hear this question frequently, ‘How can you outsource something that needs such close management of the AR?’
Our answer, Diversified Credit Services is a seamless extension of our business.
Getting Started
The first step involves a phone discussion and/or visit to your site to review the issues that are impacting your cash flow. We begin by asking about your receivables:
- How many active accounts do you currently have?
- How many open invoices per account are there?
- What percentage of accounts is current, and what percentage is extended beyond your credit terms?
- Do you have a credit policy? If so, how do you enforce it?
- Do you feel that your in-house staff is as effective as it could be in collecting payments?
- Do you think that your staff would benefit from training to increase its resolution of past due accounts without alienating your customers?
Tailoring Your Solution
A review of these and related fiscal issues will help us to understand the dynamics of your business and prioritize your needs. Subsequently, our consultants will prepare a report to provide you with a detailed and accurate recommendation regarding your operation.
Diversified Credit Services can assist companies with creating an effective credit and collection process. For those companies that would still prefer handling their accounts receivable internally, we can assist in the implementation of a new credit and collection function or reviewing and evaluating your existing function.
Capabilities
Our consultants can provide the following:
- Completing a review and audit of your present department functions
- Creating a credit application for your potential customers
- Establishing credit/collection policy and procedures
- Writing a past-due letter series
- Interviewing, hiring, and training of credit/collection staff
- Group training and seminars on:
- How to review financial statements
- Negotiation skills
- Prioritization of workload
- How to effectively deal with your customers
- Telephone/email skills and etiquette
- Organizational skills
- Customer service