Our top 5 Christmas debt collection tips

Christmas is always a time of both joy and strain. Joy, because we all look forward to enjoying the season with our staff and strain because it is a time when holiday salaries and bonuses need to be paid and we enter a season where cash-flow will be slow until businesses are all back on broad.

So what can your business do to mitigate against the ensuing strain?

Here are our top 5 tips:

1. Review your ledgers to establish which debts are beyond terms;
2. Confirm you have paperwork or records to prove the debts are owing and unpaid;
3. If your previous demands have been ignored, send the debts to us for a letter of demand to be sent requiring payment well before Christmas;
4. Depending on the response, decide which debts are not economical to pursue or are unable to be recovered; and,