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My Credit Control has smashed a 14-year record for collecting cash and reducing debtor days for a construction industry business.
Emma Lewis, MD of site investigation specialists Rogers Geotechnical Services, says My Credit Control (MCC) has exceeded what had appeared to be unachievable by collecting £211,000 in a month, way beyond its target of £75,000.
And MCC has reduced debtor days for RGS from 95 to 54 in just 12 months.
Emma says: “Debtor days in the construction industry are typically very high – between 90 and 120 days – and it is notoriously difficult to collect as many developers don’t know if they can develop sites until they have seen our reports, so are not always quick to pay within 30 day terms.
“What Martin Bown and the team at My Credit Control have achieved is phenomenal and the most effective way of collecting money we have seen in 14 years in the business.”
“Quite simply, it means contacting people to check they have received the invoice, and ensuring they’re going to pay in line with the agreed terms. When money is tight people pay the person who has made contact. And it prevents any conflict over unpaid invoices, so maintains good business relationships. MCC has integrated seamlessly into our back office.”
Emma adds that the positive impact on cashflow has also led to fewer worries over forward planning.
“We have already seen significant savings to our business and we hope that we can reduce the money owed to us and debtor days even further.”