Debt collection. No no, please keep reading!!
Debt collection is probably one of the most annoying and arduous tasks any small business, or large business for that matter, has to deal with. It's a fact that today's world runs on credit with people expecting to get a service or product now and pay later. But a healthy business runs on cash flow and getting customers to pay on time is a critical part of any business.
Increasingly, customers expect to be reminded to pay their debts, if they sense any leniency in the system they will push this to the limit of acceptability - or even further if they think they can get away with not paying!
To prevent debt collection from becoming a serious problem, business owners need to put in place a formalised credit control process To be most effective this should be run by a specific person or department, whose sole purpose is to chase and collect overdue debts in a timely and efficient manner. However, most small businesses cannot afford this luxury.
This month, we're featuring a handy little tool that will monitor your invoices, track your debtors and remind them to pay on time. If you have a Xero Software Account and have identified you need help with debt collection, then you need Debtor Daddy.
Debtor Daddy is a cost effective and efficient credit control system that uses a unique combination of automated reminders and proven debt collection techniques to improve your businesses cash flow by getting you paid faster.
All you have to do is sign up for an account, follow the instructions to link this to your Xero account and the outstanding invoices you have, tell Debtor Daddy which clients you would like to have automatic reminders set up for and then your done.It’s a simple, set forget and get paid system, so you can spend more time running your business.