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Recover outstanding debts efficiently and protect your cash flow.
Managing cash flow is crucial for any business, and outstanding debts can significantly impact your financial stability.
At RSM, we understand the challenges of debt recovery and offer professional debt collection services to help you recover what is owed, allowing you to focus on running your business.
Set up solid collection policies and procedures to keep your cashflow on track. Gain separation between you and recovery of your customer debts.
When a person or business owes you money, it can be difficult to know what to do.
You may try:
- Phone calls
- Send letters demanding payment (often using a letter template)
- Accept a payment plan or repayment arrangement over an agreed period
- Propose a compromise
RSM can support you in three areas of recovering an unpaid debt:
At RSM, we work with you to identify:
- Debt collection practices, advice and consulting
- Acting as your debt collection agent or debt collector contact
- Taking on the role of appointed trustee in bankruptcy or liquidator
There are 3 steps in formal debt collection:
Summons
A summons or statement of claim is a notice sent to the debtor advising them that you are taking them to court.
Judgement
A summons or statement of claim is a notice sent to the debtor advising them that you are taking them to court.
Enforcement
Enforcement is a tool to assist in the court’s judgement, with the ultimate enforcement measure being to force an individual into bankruptcy, or a company into liquidation.