6 reasons for adding credit control to your service

Bookkeepers (and accounting firms who offer bookkeeping services), are perfectly positioned to add credit control as a core service. However many still shy away from this. It’s often dismissed as something too hard to implement or too time consuming once up and running – others simply haven’t even considered it.

Bookkeepers already help clients with a range of financial and administrative services, adding a credit control service is a logical extension to this business. Not only can it consolidate and strengthen existing client relationships, it can actually win new clients and of course add an additional revenue stream to your business.

CreditorWatch Collect’s top 6 reasons for offering a credit control service to your clients:

1. 1. Future-proof your practice by reducing your reliance on compliance work or other admin tasks that are becoming increasingly automated.
   2. Make more money by selling additional but similar services to existing clients who already trust you with their finances. If you’re already dabbling in these services, then start charging properly to reflect the work and value you truly offer.
   3. Win new clients. Debtor management is something a lot of businesses hate doing and do badly. Offering to solve this pain is a great way to win new clients.
   4. Boost client retention. The more problems you solve for a client, the more likely they are to stay with you over the long term. Most SMEs are terrible at credit control. They lack the time, skills and resources to consistently keep their debtors under control. When you take debtor pain away, they can focus on the work they really love and have even more reason to keep working with you.
   5. Increase your profit margin. As you win more credit control clients, your efficiencies and therefore profit margins can increase.
   6. Work less. When you create efficient, automated ways for delivering your services, your ability to make money will depend less on the time you spend and more on the solutions you provide.

Adding credit control to your service:

Take a look at our short checklist to see if adding credit control could be a winner for your business. Introducing credit control to your services is easy with CreditorWatch Collect. Our partner program supports you at every step to help you succeed. Our specialist partner program includes:

• Specialised credit control software that helps you operate an efficient, professional credit control service for multiple clients
• Training and certification to help you master the software and gain confidence
• Tools and templates to help you with pricing, quoting and onboarding clients
• Ongoing support to answer your questions and help you set up new clients – we’re with you every step of the way

About CreditorWatch Collect: Over 150,000 calls and $2 billion paid faster

For the past nine years, CreditorWatch Collect has been solving debtors for businesses around the world. We were the first debt management solution to launch automated invoice reminders for Xero and four years ago created a world-first where phone calls (made by real people) could be automated in a debt management workflow, just like email reminders.