It can be a frustrating time for business owners when clients don ’ t pay their invoices .
CUSTOMER DEBTS – SWEAT THE SMALL STUFF
How law firm ’ s new software can help businesses to recover unpaid invoices
There is nothing worse than doing a great job for a client or meeting a customer ’ s product supply requirements and then not getting paid .
With many businesses facing difficult times , being battered firstly by the coronavirus pandemic and then by the inflation and cost of living crisis , cashflow can be tighter than ever .
Successfully recovering debts which are owing to a business can be crucial to its profitability or , even , its very survival .
It is vital that businesses are proactive in keeping on top of their customer debt and that they have cost-effective processes in place for recovering money owed to them .
If an unpaid customer debt is sufficiently large , then it will , in all likelihood , be pursued through legal channels .
Often , however , individual debts fall within the “ not worth it ” category and are , eventually , written off rather than pursued . Over time , these accumulated written off debts can become significant .
Toby Joel , partner at Jacksons Law Firm and head of its debt recovery team , explains : “ Being alert to the needs of our clients , we have developed a software driven solution which enables us to chase low value , volume debts for our clients at a price which makes it affordable for them to do so , meaning that
our client ’ s businesses no longer have the frustration of writing off these ‘ nuisance ’ debts ’.
“ The software has proved to be something of a game changer when it comes to the costeffective recovery of low value , high volume debts on behalf of our clients .
“ Jacksons has a region wide reputation as a leader in the debt recovery sector . We have gained this reputation over decades of successfully recovering debts for our clients .
“ We wanted to provide a solution to our clients where they receive a streamlined cost-effective service and where no debts , no matter how small , are off limits .
“ After an initial client discussion to gauge the value and volume of the client ’ s debt book , we set a fixed price for taking on their debt recovery .
“ From there our software uses the client ’ s debtor spreadsheets to generate solicitor ’ s demand letters which are sent to the debtors .
“ The letters instruct the debtors to pay the
If Jacksons ’ debt recovery service could help your business and you wish to discuss the process in more detail , email either tjoel @ jacksons-law . com or cbarugh @ jacksons-law . com .
Or scan the QR code which will link you to further information about Jacksons Law Firm ’ s debt recovery service .
Toby Joel , head of Jackson Law Firm ’ s debt recovery team , offers some useful advice .
debts and costs direct to our client , which helps to speed up our client ’ s cashflow .
“ Businesses usually have their own credit control processes in place , but they often find that their own efforts to chase up late payments are ignored . Jacksons debt recovery service enables the client to utilise a more potent solicitors ’ letter .
“ The letter demonstrates to the debtor that our client is sufficiently intent on recovering the debt that it has gone to the trouble and expense of instructing a solicitor .
“ That , together with the threat ( set out in our letter ), that court proceedings will follow failure to pay , is usually enough to persuade the debtors to pay .
“ The old adage that ‘ every penny counts ’ is never more appropriate than in this case .”
The magazine for Aycliffe Business Park | 29