Our Credit Control team manage the relationship with your client's finance team to ensure payments are made and queries are resolved.
There are two areas Credit Control will manage:
We are a proactive credit control team and aim to contact debtors (your client) before invoices fall due to prevent issues further down the line.
We work with your debtors to ensure we follow their invoice processes.
We aim to make initial contact via the phone to introduce Sonovate within 48 hours of first invoice being raised. This is then followed up with an email to confirm the process.
This is to verify:
- Our relationship with our Customer (You, the Agency).
- Whether we have the correct email address for the invoice contact / Accounts Payable team.
- What the payment terms they pay to are.
- When their payment runs are.
- Whether they have any specific requirements to facilitate payment?
A statement is sent to each customer at least once per month:
- This is to highlight any potential issues.
- Highlight any copy invoices that may be required.
- To deal with any disputes.
Payment promises are logged onto our accounting system for accuracy and cash forecasting purposes.
- These are obtained via the phone, email or remittances.
- Any missed payment promises are followed up – a list of missed payment promises is available for all credit controllers.
Some clients require more regular contact or very little, therefore our credit control process is tailored when we establish how the customer's invoice/approval process works.
Aged Debt ledgers are issued to you on a weekly basis via email. This shows all unpaid invoices for your clients, and those which are currently over the agreed payment terms.
If any client is flagged as a concern, you will be contacted to highlight potential funding issues.
Any disputed invoices will also be highlighted to you for a resolution.
Overdue Debt Management
Overdue Debt - calls/emails are made to all customers with overdue invoices.
As the Agency, you will be subsequently informed of overdue invoices either via
Notification Letter or contact from your Relationship Manager when an account becomes a concern.
If no payment promise is gained after Agency Notification expires, we will commence Formal Reminder letters to the client, at 7-day intervals, until payment can be obtained.
Contact is also made to the client in-between letter issuances to prompt a resolution.
Day 60 overdue - Funding is reviewed and possibly held for any further timesheets / invoices, final calls and emails issued for payment resolution.
We will continue to pro-actively recover the debt until day 90. If debt is not paid by day 90 overdue, your Bad Debt Protection will be initiated where eligible.
Many factors will determine when & whether we proceed with account escalation.