As the recessionary trading environment has continued, BPE has assembled a Toolkit to help its clients maximise cash flow and tighten credit control processes in these difficult times.
The initial use of the BPE Toolkit is free of charge and if any follow-up work is required fixed price quotations will be provided.
The Toolkit covers 5 key areas of a business which BPE has identified as being critical to its survival in a recessionary environment.
The establishment of unambiguous and contractually enforceable terms to ensure that businesses get paid for goods and services supplied, and that title to goods is retained until payment has been received.
An effective credit control system which provides an "early warning" system for problem accounts
The operation of a cost effective and efficient formal recovery process so that businesses maximise the potential for recovery and that any entitlement to late payment interest is invoked
The recovery of long-term debt before its value has to be written off the balance sheet
Efficient staff management, so that if established procurement and operating procedures are not followed swift action can be taken against defaulting staff without time-consuming and expensive employment tribunal claims
BPE’S TOOLS IN THIS TOOLKIT
A review of the procurement procedures and trading terms to ensure they are aligned and enforceable
A review of existing credit control procedures
A review of long-term debt claims, prospective enforceability and recoverability
A review of employment terms relating to operational risk
The combined reviews are presented in a form of risk analysis consideration and determination of subsequent action.
These notes have been prepared for the purpose of an article only. They should not be regarded as a substitute for taking legal advice.