6 minute read
Finance
TAKE BACK CONTROL
Storm clouds are gathering for businesses with inflationary fears and spiralling costs. A new credit management solution could be the answer, says Mike Collins
Nineties pop chanteurs D’Ream once famously sang… “Things can only get better” but sadly in a business sense, they are currently wrong. Inflation is at a record high. Oil and utilities likewise. Supplier and transport costs are also on the rise, with no immediate end in sight.
It is more apt to say… “things are only going to get more expensive”.
Now more than ever, is the time to keep tight control of your exposure and risk.
Now more than ever, is the time to maintain and regulate your essential business cash-flow.
Now more than ever, is the time to invest in business continuity and growth for business survival.
With all of this in mind, now could also be the time to invest in Account Assyst 2.0, a system that is designed for you.
NEW PLATFORM
Direct Route AccountAssyst is proud to announce the launch of the new and improved Account Assyst 2.0 Credit Management Platform that will transform your business.
After many years of extensive redevelopment, Account Assyst 2.0 is now an essential requirement for your business when it comes to managing your customer risk and exposure and ultimately preventing bad debt.
Packed full of new pioneering and crucial functions and practices, all especially designed with the purpose to navigate you through these ever increasingly challenging times, AccountAssyst 2.0 is now the must-have business support solution for promotional goods suppliers and distributors alike.
Being leading credit management innovators for more than 20 years, Direct Route AccountAssyst knows that it is listening to the market and delivering client’s needs that is key to producing cash flow returns that are second to none.
ACCOUNTASSYST VERSION 2.0 KEY FUNCTIONS INCLUDE:
New customer recruitment: • Efficient online credit application facility - open new customer accounts in under 3 minutes. • Optional director guarantees built in - plus free robust and effective terms and conditions. • Accurate contractual formation supported by data from major credit reference agencies.
Circle of Knowledge: • Real time invoice payment information, shared anonymously by fellow supplier credit control departments. • Exclusive early warning alerts on defaulting seriously overdue customers. • Personalised customer support - you can talk directly to a real person when you need.
Credit Control: • Chase more than 1,000 customers hourly using proven, customisable and effective online templates. • Fully automated, intelligent, slick chase processes that keep you informed and in control. • Access to Zero Cost Debt
Recovery, including guarantor enforcement as required.
To find out more simply visit www.accountassyst. co.uk or alternatively contact Ian Jenkinson on 0330 229 1991or ijenkinson@directroute. co.uk to transform your credit control, your cash flow and your business.
Mike Collins is managing director of AccountAssyst
Local Support Contact Details
Please contact a member of our local support team for advice on any matter related to debt and credit management.
London and South
Midlands and East Anglia
Ken Brown kbrown@directroute.co.uk 07795 214426
Wales and North West
North East, Scotland and Northern Ireland
Mike Collins mike@accountassyst.com 07866 427363
WE’RE ALL
IN THIS t og et he r Challenges keep coming for Challenges keep coming for the promotional merchandise the promotional merchandise sector. The BPMA advises keeping a clear head and upholding high standards
2022 has already presented the industry with a heady cocktail of Covid, pent up demand, supply chain issues, raw material price hikes and with the rest of the year looking like it’s got a few more surprises up its sleeve still to come, PM reports back on some of the challenges we’re experiencing and what, if anything we can do.
SUPPLY CHAIN AND RAW MATERIALS
The commodity market seems to have been on overdrive as raw material shortages are now a long-term watching game to see just how far they will go. For a market used to maybe one or two price increases or changes a year, for some materials, the increases would have numbered more than eight and between 50-90% increases are now not uncommon. Bad news for margins for those on fixed contracts and with no clear picture of how 2023 will look, the industry is bracing for further increases.
The only potential positive is this globally reported issue means there is widespread awareness and acceptance of costs are more broadly understood even if they are not readily accepted.
While we are dictated to by global markets, we can make sure that all changes are communicated well and clearly. With so many factors and influences affecting our marketplace outside of our control, there is some cold comfort in knowing this is out of our hands.
FREIGHT AND COURIERS
In the words of Willy Wonka when facing the ascent of the Great Glass Elevator, we have no earthly way of knowing which direction we are going when it comes to costs and whether that next delivery will actually arrive or even make it through customs. The BPMA has been putting pressure on Government and the relevant industry bodies to address the artificial high the freight market has settled at which might be bearable if the packages arrived smoothly.
With BPMA Charter members reporting they now have dedicated staff who “just locate parcels all day”, the situation is acute and again, out of our hands. No one courier or freight business is better than any other, yet the stress inflicted by the loss of consignments, costs incurred and of course reputations damaged is universally felt.
Government is listening to this complaint from many sectors as one that is pivotal to reputations and success of every British business.
CONDUCT AND COMMUNICATION
especially when it comes to how we operate; how orders are processed, work undertaken, payment terms and more.
Central to all of this is communication. When things are going wrong, we all know it's how we behave that can make a massive difference to how we manage the outcomes. With more and more complaints coming through the BPMA, Membership Director Tom Robey said: “We get it. It’s tough out there and everyone is flat out doing their best to deliver. We know no one sets out delay an order or make a mistake but we’re encouraging everyone (and we mean everyone) to check their briefing, not assume anything even if it’s a repeat order, issue a detailed order for both parties, check all the details and most importantly ask the question about realistic timelines. It’s not the same and for a long time we have worked to unrealistic timescales so we must check. We know everyone should be able to deliver fast but right now, it may not be possible.”
This comes down to talking about what’s happening and keeping everyone updated. Lack of communication is at the heart of the majority of complaints where no information has led to issues with being able to update end users especially around missed deadlines.
With stress and costs mounting, the industry has made an overall plea to all parts of the supply chain to get past the crisis talks and back to normal negotiations, knowing that what we face, we face together.
