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by Henley Recoveries Group

When Should You Follow Up on Unpaid Invoices?

All business owners know that following up on overdue invoices is a delicate balance.  Making a decision on when and how to follow up needs to be balanced against many rapidly changing variables. So, as a business owner, when should you follow up on unpaid invoices?

Here are some factors to take into consideration when deciding.

There are legal timelines for collecting debts

In Australia, there are debt collection guidelines in place to protect consumers, which are regulated by the ACCC. According to the ACCC guidelines once 6 years has passed, the debt is classed as expired and can no longer be collected on. The exact time period can vary from state to state, and it’s important to be aware of the laws governing your local area.

The longer you leave the debt, the less likely it is to be paid

According to a recent report, over half of all small businesses receive late payments for invoices. The average arrival of payment is 23 days after an invoice is due. Industry trends show that the longer a debt is left, the more likely that debt is to remain unpaid. Ensuring that invoices are correct and promptly followed up upon a non-payment is important when invoicing.

Is the value of the unpaid invoice worth the time taken to collect?

A survey conducted within Australia showed that 41% of all businesses spend between 2 – 5 hours per week chasing unpaid invoices. Time is valuable for business owners and often the amount of the invoice is worth far less than the time it takes to receive the payment. However, when multiple small invoices stack up, cashflow for the business is severely impacted. Instead, business owners should be focusing on operating their business, growing their business and other administrative duties such as issuing new invoices.

You could see a greater loss by not hiring a collection agency

A common hesitation towards engaging a debt collection agency, is often surrounding the fees aligned with that service. The more important thing to consider is although debt collection agencies may take a small fee or commission, your business loses more if the invoice remains unpaid. Moreover, the time spent for you as a business owner collecting that debt is far more likely to be greater than the fee an agency would charge for collection.

Following up on unpaid invoices is always going to be an issue that business owners face. Having a well set out strategy and preferred collection agency is something you can prepare now, to save you a lot of time and energy in the future. Remember: collecting some of an unpaid invoice is more money for your business than if an invoice wasn’t collected at all.

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by Henley Recoveries Group

Introducing Henley Recoveries: Sunshine Coast Debt Collection Agency

Welcome to Henley Recoveries Group. We are a newly established debt collection agency, located on the Sunshine Coast, Queensland. Above that, first and foremost we are a team. Our team consists of highly trained professionals, each with a deep sense of loyalty to our clients.

At Henley Collections, through our team’s experience we have developed systems and approaches not only to debt collecting, but to many more financial areas. In conjunction with debt collection, we are also specialists in cash flow management and accounts receivable. 

Here’s a bit more of an overview of Henley Recoveries Group:

Henley Recoveries Founders & History

Our company may be new to debt collection, but our team is definitely not. Founders and directors, Patrick Henley and Wesley Chambers each have detailed and extensive industry experience. With wider-field experience in both recruitment and construction, Patrick and Wesley identified a need. To them, there was an obvious need for a debt collection service that understood the industries and the clients that they were collecting for.

Our Values

At Henley Recoveries, we operate in conjunction with a series of core values and principles. This is what sets our service apart. Everything that we do, from how we operate as a business, right down to how we treat each individual person that we work with, flows from these.

Above All, Honesty & Integrity

At the very heart of our business model are honesty and integrity. Without these, we wouldn’t be able to function within our industry. We are honest with our clients; by giving realistic expectations and accurate reports on their collections, every client of Henley Recoveries know that they are always up-to-date and informed. 

Everyone Has a Story

All Henley Recoveries Group staff know that behind every debt is a story. We know that more often than not there is more to meet the eye. Through first hand personal experience, our team know that understanding the why behind a debt is one of the key methods to effectively collect that debt. As one of our clients, you can rest assured knowing any information we receive will be passed on to you, to help you understand the debt.

Assertive, Not Aggressive.

Alongside our belief that behind every debt there is a story, our methodology for debt collecting relies on the underlying principle of being assertive, not aggressive. We are ‘firm, yet fair.’ This means that we will do everything in our power to collect your debt; we will act in a timely manner, we explain to the debtor their obligations, we take appropriate action. This also means that we will never threaten, mislead, or do anything to intentionally act aggressively towards collecting a debt. 

We Are On Your Side as a Mediator 

At all stages of the debt collection process, Henley Recoveries are on your side. Everything that we do advocates for your best interest. We act as a mediator between you and the party that owes you money. Throughout this, we discuss and explain the debt to the party that owes it, while communicating and promoting your organisation’s best interest. We are a full-service debt collection agency.

Appropriate Escalation Without Emotion: Following the Process

We will never be a company that unnecessarily escalates a debt. We follow a strict, tried and tested process and that process does not allow room for emotional reactions. At Henley Collections we work based on the facts alone. We have a flow of actions that we take, and we do this without jumping ahead. A debt with Henley Recoveries will never be taken to a level beyond where it needs to be to effectively collect.

Clear and Effective Communication

We pride ourselves on our staff members’ communication skills. In everything we do, we practice clear, effective and timely communication. From internal emails and staff to staff discussions, right through to contacting you as a client and your debtor, every piece of communication is easy to understand and prompt. 

We aim to simplify and explain the debt collection process, so that all parties involved understand. Henley Recoveries do not operate on a fear-based model that relies on the misunderstanding or deception of individuals. We are clear communicators with an ‘open desk’ policy – call us anytime for a chat and we will answer and provide an explanation for your questions quickly and clearly

Collective Ownership of Debt

We treat your debt as if it is our own. It’s that simple. We take ownership of your debt and treat it the same way that we would treat any unpaid invoice we would receive. We share your burden at Henley Recoveries Group and we are here to support you in any way we can, right the way through.

Our Mission

Our mission is to provide effective debt collection and financial management services by employing a tailored approach and understanding the story behind the situation. 

And that is a brief breakdown of Henley Recoveries Group! While you simply cannot explain the entirety of a business in a blog post or single piece of information, we know that we covered the important parts. 

Moving forward, this blog space will be used as a platform to convey accurate information surrounding the debt collection process. Check back in or sign up to our email list to keep up to date. If you have a question that you want answered, submit it to info@henleyrecoveries.com.au

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Do you have a debt that needs recovering? Here at Henley Recoveries Group, we provide essential debt collection agency services Australia-wide. Submit the details of your debt to us here, or give our friendly team a call on 0466 243 114.