Credit Control - Rigging Services

Overview:
Rigging Services, circa £1.8m turnover per annum, with 300 live customer accounts.

Problem:
Rigging Services staff were not experienced in credit and ledger management and they were unable to dedicate the level of focus required for this critical function.

Goal:
Reduce debtor days to an acceptable level and maintain stability.

Solution:
Sollertia took full responsibility for controlling sales ledger administration including:

• Cash allocation and reconciliation of accounts
• Setting up new accounts and dealing with customer queries
• Collecting customer debts
• Sales ledger was reconciled with ongoing credit control via its online credit management system

Outcome:
Within 3 months Sollertia had:

• Enabled Rigging Services to improve its business processes
• Reduced debtors days from over 80 days to just 55 days
• Improved cash flow considerably saving £3,000+ bank interest

Comment:
"Our decision to outsource accountancy services to Sollertia could not have worked out better. Sollertia’s professional approach to our needs operates seamlessly with our clients and staff. The technology utilised and systems installed provide very efficient methods of working.
This means the company is totally free to concentrate on its core activities and remain customer facing without the distractions of the back-office or specialist functions. In every activity where we are supported by Sollertia, the operations actually work better than when we had similar in-house departments."

Paul Fulcher, Managing Director, Rigging Services Direct Limited