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How to chase payment of invoices in a pandemic

*This article relates to business to business credit control and not collection from consumers. The current environment is unprecedented with companies forced to change working practices and policies quickly to adapt. Several businesses have sought advice from Sterling, asking whether they should suspend their credit control collection process completely until the lock-down is lifted, fearing that [...]

The late payment virus

In the current business environment caused by the coronavirus (COVID-19), it’s crucial for businesses to protect cash flow. Whilst many companies are taking positive steps, others are intentionally ‘washing their hands’ of their payment obligations and delaying or cancelling payments to strengthen their own finances. Whilst there are many businesses feeling the strain due to the [...]

SME business owners chasing overdue invoices themselves.

A study of 500 UK SME’s by Quickbooks has found that over half of business owners are chasing overdue invoices themselves, often outside office hours, eating into family time and putting a strain on their personal life. Sterling provide outsourced credit control to businesses as small as £0.5m t/o, acting entirely in our client’s name, giving [...]

Credit control outsourcing done right

The company in this example had decided to use two credit control outsourcing companies with each assigned 50% of the sales ledger. The intention was that competition between the service providers would give the best performance and service price. Lack of knowledge, costly mistakes Two credit control outsourcing service companies were already in place. Sterling was [...]

Credit Control Service for Accountancy Firm – 34% improvement after 5 weeks.

Sterling implemented our outsourced credit control service for a £1.5m t/o accountancy firm at the start of October this year. Service is carried out entirely under the firm’s brand, with invoice chasing 2 days per week and incoming calls answered 5 days, the firm gets the benefits of an experienced full-time team at the cost of [...]

Avoid risk: One insolvency leads to others in suppliers

In the past 6 months over a quarter of UK companies have suffered financial loss due to the insolvency of a customer according to research by R3, the association of business recovery professionals. The figures are evidence of a domino effect, where one insolvency leads to others in suppliers. Implementing an effective credit policy with regular [...]

Sterling reduce average payment days for a top 50 Accountancy firm by 58%!

Sterling Credit Management provide outsourced credit control service to a number of UK accountancy firms. Over 10 years of doing so we have perfected the difficult balance of maintaining sensitive customer relationships whilst getting paid promptly. One of these clients is a top 50 London firm who had a DSO of 95 days when they approached [...]

Outsourced finance and accounts for a global technology company

In 2016 Sterling were engaged by a $500m turnover global tech company to provide billing and accounts receivable services for Europe and the Middle East. This function had previously been run from the company’s US team, but restructuring meant that ownership had moved to their London office. Sterling were able to take on the function quickly [...]

Managing cash flow and customer relations for a top 50 UK accountancy firm

This client, a top London accountancy firm,  has used Sterling since 2009. Sterling began by having discussions with them regarding their credit control function. At the time it was being managed by a finance controller and assistant, both of whom had other responsibilities which they were giving priority to. The firm was very nervous about outsourcing, in particular [...]

Sterling Credit Management – Credit Control Testimonial

We started working with Sterling Outsourcing in March 2016, due to the need to have a credit control function, but not having enough to justify employing someone to do the job. I cannot give anything but praise to the team, as, within 18 months, they have taken us to a position where about 90% of our [...]