Chasing unpaid invoices isn’t fun, or an effective use of time for any business. Yet cash flow is king for businesses to grow and be sustainable.
Bradley Allen Love (BAL) Lawyers is the legal partner of a new debt recovery website to help businesses get fast payment from debtors.
Enforce Recoveries will be officially launched at BAL’s Business Breakfast Club on 10 May, with Laura Scotton, Senior Associate in Litigation, presenting on the importance of good debtor management and debt recovery to businesses of all sizes, shapes and styles. Katie Innes, a Director of the Business Team, will introduce the Enforce Recoveries website, explaining how it works.
“The site is easy-to-use and you can sign up in less than two minutes,” says Katie. “Once you’re logged in, you submit the details of your debtors and outstanding amounts. We then check the debtor details, perform a conflict check and send a letter of demand straight to the debtor.”
Katie says all business owners should understand and develop a healthy respect for debt.
“Businesses exist to make money, and if you’re not making money your business is likely to fail,” says Katie. “Many businesses focus solely on delivering or producing the best products or service they can and don’t leave time to properly manage their cash flow. Either they wait too long to render an invoice or they render an invoice and simply expect payment on time. All businesses should follow up on outstanding invoices early and often, to get that cash through the door.”
Enforce Recoveries is a Canberra first, says Katie: “We don’t charge commission or a subscription fee. We charge $66 to complete and send a Letter of Demand to your debtor, and unlike other debt recovery sites, we have a lawyer check all letters before they’re issued.”
A good debtor management system is efficient and ensures a steady cash flow.
“Such a system also preserves good business relationships with customers and suppliers,” says Mark Love, Legal Director of BAL’s Business Team. “Businesses need good communication with debtors and good record keeping. Most importantly, they need to be proactive in recovering debt. Remember the old saying the squeaky wheel gets the oil? Well, it’s true. It works.”
Enforce Recoveries is a practical and cost-effective tool for any business that has sent out reminder statements and phoned debtors to attempt to get paid without success.
“Issuing a formal letter of demand on a lawyer’s letterhead can be a stark reminder to your debtors that you take the debt seriously and will pursue legal avenues if it isn’t paid,” says Mark. “It often produces results with debts being paid either in full or against an agreed payment plan.”
Enforce Recoveries is just as valuable for individuals who are owed money.
“Anyone who is owed money for the supply of goods or services, a loan amount, or rent can use the site. You just need proof of the credit provided and amount outstanding,” says Mark.
BAL’s Business Breakfast Clubs are held on the second Friday of every month to discuss the broader challenges and issues faced by businesses whether legal, practical, or political. Each one features a presentation on a specific topic and then opens the floor for questions. Business Breakfast Clubs are held in BAL’s boardroom with a light continental breakfast.
Any business is welcome to register for free for the BAL Business Breakfast Club meetings, including local business owners, accountants, financial advisers, directors and representatives of peak industry organisations.
Visit Enforce Recoveries to find out more. Register here for BAL’s Business Breakfast Club, being held 8 am to 8:45 am, 10 May, Level 9, Canberra House, 40 Marcus Clarke Street, Canberra City. Spaces are limited.