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Check out our top debt collection articles on debt collection, cash flow, debt reduction, credit control system improvement, and business:
The processes for obtaining and issuing garnishee orders in Australia are quite similar, but there are some differences in each state that are worth noting. We discuss in this article how garnishee orders are obtained and processed in New South Wales and Queensland where most of Slater Byrne Recoveries’ clients operate.
Dealing with bad debt is something every business owner needs to deal with. No matter what industry you’re in, you will come across a fair share of slow paying as well as non-paying clients. The difference between success and failure when handling this issue lies in how prepared and proactive you are.
Making a financial health checklist to know the status of your business will allow you to make informed financial decisions so you can better allocate resources for your business to operate with a positive cash flow.
Regularly evaluating the financial health of your company is one of the best business practices you can implement. This process not only allows you to determine whether your account books are in good order but also helps keep you on track and allows you to make informed financial decisions.
Many business owners make the mistake of shrugging off a credit default, mainly because they don’t fully understand how such a record can affect their company’s financial future. If you are a debtor, you should not take credit defaults lightly as they come with grave consequences. If you are a creditor, you should also not take credit defaults lightly as they can help you improve your debt collection efforts.
Australia is one of the most robust trading economies in the world. Euler Hermes ranked it the 11th country in the world where it is easiest to do business. The country’s open market imposes minimal restrictions on importation of goods and services. Australia also has bilateral free trade agreements with the United States, New Zealand, and its Asian neighbours. Moreover, the country’s commercial arbitration, electronic commerce, and cross-border insolvency proceedings follow international standards.
Meaningful conversations are a premium in a customer-centric industry. The trend now is leaning towards a tool or an app that anticipates a customer’s behaviour, engages the customer, and provides personalized responses, in a friendly manner. As in the debt collection industry, each client has different problems that need tailored solutions. With how WhatsApp delivers tailored solutions, gone are the days of generic answers.
Doing business in Australia requires you to apply for an Australian company number (ACN) or an Australian business number (ABN). These two numbers represent the legitimacy of a business and thus, when you have with you your customers’ ABN or ACN, you are at least assured that they have lawfully registered with the proper government agency.
In a debt collection case for an aged care facility, SBR recouped the full amount of $68,114.32, plus $7,492.57 in commission. In another case for the same Client, SBR facilitated a payment plan for a debtor who had an outstanding unpaid amount of $103,866.85.
A letter of demand is an act of last resort in the debt recovery process. It becomes necessary when your repeated attempts to recover unpaid debts have failed.
How to Use and When to Issue Statutory Demands in Australia and in New Zealand
A Statutory Demand is one of the most effective and efficient ways to recover a bad debt; however, not many utilize it or understand how and when to use it. At Slater Byrne Recoveries, we try to make the Statutory Demand process simple for our clients, so they can understand how it works and realise how effective it can be to assist with collecting an overdue debt.
Liam White joined the Slater Byrne Recoveries team in early 2013. He has worked across the credit & dispute resolution industry for a number of years. He is currently working in a Marketing/Head of Sales capacity at Slater Byrne Recoveries.