'As a privately funded business, we also realised early on how critical cash flow is, and we made the decision to outsource our credit control, debt collection and finance functions to a specialist called Sterling – this works very well for us, and allows us to put all our energy into what we know best ‘building [...]
*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 [...]
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 [...]
The number of CCJ’s against incorporated businesses rose by 22% last quarter (against the same period in 2018). Mick McAteer, Chairman of Registry Trust said “Public data on judgements provides an important indicator of the state of the economy. The fact that the number and total value of judgements against businesses rose significantly in the third [...]
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 [...]
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 [...]
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 [...]
In an ideal world your credit control service should never be stuck completing admin duties. Any time away from the phone, chasing outstanding payments is time lost. Our goal is to reduce admin time as much as possible to ensure that our client gets the most out of our service and we can continue to collect [...]
Secretary of State for Business, Greg Clark, announced the appointment of Paul Uppal as the Small Business Commissioner. The appointment of the SBC builds on the Government’s programme of support for small business, since 2010 including: British Business Bank programmes supporting £3.4 billion of finance to over 59,000 smaller businesses; over 50,000 Start-Up Loans worth almost £340 million; [...]
Why should SME's take a good look into outsourcing credit control options early on in the payment cycle process of their business? ....to help avoiding as much late payment as possible. For some that's only realised when it's almost too late. The blame may often lay in their own hands not just their debtors, when facing [...]