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The recent speech by the Prime Minister, David Cameron, which suggested a growth in business for the country must have come like a breath of fresh air, while we are still in the current financial situation. For companies though there is a big difference between a forecast of growth and actual business with revenue coming in. For a small enterprise that has sent an invoice to a large enterprise for jobs done or products provided, and have seen that invoice remains overdue after the final payment date has gone by, they might be suspicious of the forecast. Naturally it will take time to see if the forecast does actually end up being true, but at present the small enterprise does need to have that invoice paid so that it can settle its own bills and wage bills. If, after getting hold of the large enterprise to be informed when the invoice will be paid, they feel that they are being seen as a free credit service, they might well see that they ned to take action if the large enterprise is unwilling to pay the invoice now.

The usual course of action for the small enterprise to take is to start Debt Collection proceedings, but this is an area they will need to be careful when deciding what sort of Debt Collection service to take up. Their first sweep for information might well bring up accepted Debt Collection services, but the small enterprise will need to exercise care since the financial situation has brought a rise in their numbers and not all solicitors or Debt Collection Agencies might be as straight as the small enterprise might believe. The risks posed here are ridiculous fees, perhaps not made obvious at the start of the Debt Collection contract, or unethical Debt Collection methods being used that could ruin the working relationship the small enterprise has developed with the large enterprise. A further search might uncover a different Debt Collection solution that of Debt Collection Software, where the small enterprise takes on the Debt Collection project in-house. This method allows them to be in control of the Debt Collection methods used and also to take charge of the timeline. There is also a cash saving since Debt Collection Software suites from around £40 can have a good set of features and information support. Considering that reputable solicitors and Debt Collection Agencies charge from 10% to 20% or more of the invoice value, this makes Debt Collection Software a good choice for invoice values of £400 to £200. Furthermore the Debt Collection Software is a one-off purchase and so it can be used for any other Debt Collection projects that come up for the small enterprise at no extra cost, whereas solicitors and Debt Collection Agencies will always charge for each debt that they manage.

When looking at Debt Collection Software, the small enterprise should pay attention to the manual that comes with it in that as the small enterprise might well be unused to Debt Collection procedures the Debt Collection Software should provide a tutorial on the Debt Collection process and also how to create Debt Collection letters. Additional information such as usable Acts of Parliament, snippets of things that Debt Collection Agencies use, and examples of typical Debt Collection letters that can be tailored to suit the small enterprise would be most useful.

With dedication and enthusiasm, the small enterprise should be able to drive the Debt Collection Software so that the large enterprise pays the invoice, and all at a price below that which solicitors and Debt Collection Agencies would charge.

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Tags: debt, debt advice, debt collection, finance, finances