Small businesses make up for 97% of the Australian business market, yet they have the highest rate of failure than other business markets. And while they do say that most businesses will either fail or succeed in their first year, it’s alarming to see just how high these numbers are. With one of the main reasons for failure being cited as poor cash flow management, it’s important to tackle this problem head on. Clearly, something needs to be done. The need for debt collection agency for small business requirements is clearly incredibly important.
This is where ProfColls experience stands above the rest. When you’re trying to ensure that your business stays afloat and outlasts the rest, it’s important to have the best by your side. With the Australian debt crisis costing the economy approximately $70 billion annually, it pays to know the best in the industry. Rising debt levels and a society that is more blasé about buying on credit than ever before are leading to an unstable credit situation for many businesses throughout Australia. Rather than being caught in the storm, trust ProfColl to help your business stay afloat and keep your cash flow where it should be – in your business.
Why a debt collection agency for small business needs is important in Australia
With an estimated 80% of entrepreneurs failing within the first 18-months and 50% of startups failing within 4-years, small businesses are clearly shutting their doors at alarming rates. Often limited by budget, small business owners have to wear multiple hats and cover customer service, sales, accounts, marketing and so many more. If cash flow isn’t running smoothly in your business, it’s just another thing to worry about, when you’re already going above and beyond to try and make it through those first crucial years.
Debt levels are reaching unmanageable levels and it’s going to be the small to medium businesses that really feel the crunch when push comes to shove. When it reaches the point where people are unable to pay their creditors it’s going to pay to have a good debt collection agency on your side. With the estimate that 38% of small to medium businesses owners have had to dip into their own personal funds to keep their businesses running, the need for debt collection is apparent.
Let us take one of these hats from you and get debt collection off your list. The need for a debt collection agency for small business requirements is obvious, so let’s start working towards reducing some of those percentages and show Australia that small businesses can carve out a niche too.
Why ProfColl is the debt collection agency for small business needs
With 23-years experience up our sleeves, we’re ahead of the debt collection game. As professional debt collectors, ProfColl has extensive experience in the industry. We’re known as the best in the business for a reason. We know how what works and what doesn’t and we’re experts at helping Australians get their hard-earned cash back.
To put it simply, we know the industry and we know it well. We know that to be successful in the debt collecting business, you can’t stick to outdated and archaic practices. Debt collecting is an old industry that for the most part hasn’t evolved to keep up with the modern consumer society. We have established and perfected a flexible and assertive service that allows for a high level of successful resolutions. Our creative, out of the box thinking allows us to stand out from the crowd and really make a difference.
With conservative estimates that most Australian businesses are owed at least $38,000 in bad debt, it’s clear that more sustainable collection practices are needed if small and medium businesses want to stay afloat. We’re here to help get this cash back into your pockets.
We have offices located throughout Australia. So, if you’re in need of debt collection Brisbane services, debt collectors Melbourne, debt collectors Perth or debt collectors Sydney, we’re well placed to be able to help out, wherever you are in Australia. ProfColl is the debt collection agency for small business needs.
We specialise in multiple debt collection services. Our extensive experience allows us to offer debt collection, hardship services, investigative services, legal action and insolvency services to cover all your business needs. Our services allow you to stabilise your cash flow, reduce your bad debt, and get your business back to running at optimal levels.
What makes ProfColl so good?
ProfColls mission is to help local Australian businesses improve their cash flow and clear their bad debts. We have tailored our services with this goal in mind.
With such a huge number of small to medium businesses having overdue invoices, every business should have access to a professional and reliable debt collection agency. We’re a specialist debt collection agency for small business needs and we’re good at it.
We’re aware that many businesses need to maintain a good working relationship with their clients. After all, you may need to conduct business with these clients again in the future. With this in mind, we have perfected the techniques of archaic debt collectors to revolutionise them for the 21st century. We not only keep up with the industry but outstrip them in terms of out of the box thinking and intuitive business practices. Why is this so important? Because it allows for flexible collections practices and lets us stay ahead of the game by offering a tailored service. This allows for a high success rate in debt collecting.
Our dedicated case managers are an important part of our team. Their thorough training allows for a creative and forward-thinking approach to tackling tricky debt files. This encourages a seamless process. If our 23-years of experience has taught us anything it’s that debt collection Australia is most successful when you have a team and resources that can adapt to all situations.
We also understand that finding a debt collection agency for small business needs can be tough. But at ProfColl, you don’t need to be a Fortune 500 or multinational company for us to help you out. With national debt hitting an all-time high, you should be able to access professional debt collection services, regardless of your business size or location.
How does the debt collection process work?
Debt collecting can be a confusing process if you aren’t familiar with it. There is a staggering amount of legislation surrounding what can and cannot be done during the debt collection process With this in mind, many Australian businesses will outsource their bad debt files to third-party professionals who specialise in the industry.
To begin, once an invoice has been overdue for the required period it can then be handed over to collectors in a final attempt to get it settled. From this point forward it is up to the debt collection agency to organise for its successful resolution.
The debt collectors can now attempt to get in touch with the debtor via email and phone. If they’re unable to contact the debtor they may also try contacting friends and family. The collectors are not allowed to pass along any specific information about why they are looking for the debtor, but they are allowed to make contact with friends and family to confirm the debtors’ contact details are correct.
On the small chance that they are unable to resolve the debt, collectors are then able to take the next step in the process and utilise the services of a private investigator to track the debtor down.
The final step in the debt collecting process is to lodge a claim with the courts. This is usually a last resort and will only be taken reluctantly if all other methods have been exhausted.
Who can make use of ProfColls services?
ProfColl is the debt collection agency for small business requirements. We work with all types of businesses big and small. The need for third-party collection services is higher than ever and we aim to give everyone a hand to get their cash flow back on point. We understand how unpaid invoices can have a negative effect unpaid on a business. Cash flow is key and is commonly the difference between success and failure.
Building a business from the ground up is not only an impressive feat but a hard one to keep going. In the beginning, every spare dollar goes to keeping your new business running and getting your dream off the ground. Unpaid invoices can have a detrimental effect on a new business. For every invoice that goes unpaid, that’s cash not going back into building your business up. This can have a cumulative effect. These invoices may start off small, but they get progressively worse until they’re a serious problem. This can eventually be devastating for fledgeling businesses.
It’s no secret in business that cash flow is key. ProfColl is here to help out anyone who needs a hand. Whether your business is small, medium, large, old or new, ProfColl is here to help. Don’t let cash flow problems become a pain point for your business. Let us handle the unpleasant collection details while you get back to carving out your place in your business niche.
We’re not just here for the cashed-up multinationals and Fortune 500’s. We care about Australian businesses and will do everything we can to help.
We offer tailored solutions as a debt collection agency for small business
Modern society is used to having at least some level of household debt. This makes the need for third-party debt collection even more important. Debt collectors not only need to keep up with the ever-increasing debt problems but offer tailored solutions that outstrip expectations. With this in mind, we offer flexible, tailored solutions t all of your debt problems. We’ve adopted a youthful approach that utilises intuitive, out of the box thinking.
We’re creative, flexible and tailor ourselves to your needs. We’ve said goodbye to the archaic practices of yesteryear. We draw upon 23-years of experience in the industry to analyse each and every debt file that is sent to us. We know just how frustrating it can be having to deal with multiple people when you want a simple question answered about your files. Our dedicated case managers are here to make the process immeasurably smoother for you. They take the stress out of the process by acting as YOUR case manager from the beginning to the end.
If you have any questions or comments about your files they’re your go-to contact. They’ll know your files inside and out and will be able to tell you exactly where your files stand.
It has become normal to have at least some household debt, but this doesn’t mean that your business must suffer. We offer flexible, tailored solutions that will see your business thriving and your cash flow healthy. We go above and beyond to offer these services. We’ve adapted our approach and tweak our services to ensure that your case files receive the individualised service they require.
How long do you have to pursue bad debt?
There is a significant amount of legislation in Australia that governs how long you have to pursue bad debt.
The length of time varies from state to state. Usually, you have up to 6-years to pursue the bad debt; this time-frame begins with either the date of the right of action occurred or the date that the debtor last acknowledged the debt. This acknowledgement of debt can include the making of a payment or the debtor stating that the debt is theirs.
So, as an example, if you’re attempting to collect on an open debt file that a debtor last made a payment on 4-years ago, you have 2 more years to pursue the debt before it becomes barred by statute.
In the Northern Territory, this time frame varies; the statute of limitation is 3-years from the time of last acknowledgement.
Once these periods have expired the right to pursue repayment or further court action ends and the debtor legally doesn’t have to repay their debt. This is why it is important to follow up on your debt files as soon as you can. The more time a debt collector has to work, the more chance they have for a successful resolution.
Some final thoughts on ProfColl as a debt collection agency for small business needs
ProfColl are the leading debt collection agency for small business experts in Australia. We believe that our 23-years of experience speaks for itself. We achieved this by being flexible, thorough, creative, adaptable and supportive. With debt clouds looming over nearly everyone’s heads the need for expert debt collectors is clear.
Debt collection proceedings can be a confronting activity for all involved. We’re here to make it just a little easier for you. Our forward-thinking approach helps ease the pressure and ensure a good relationship with your clients.
Trust that in a climate where debt is skyrocketing ProfColl are the supportive agency you need by your side. Give us a try. We know what works and we always go that extra mile to obtain a successful resolution to your files.