When an election comes up there may be feelings of hope, for a better future, or possibly now feelings of dread; a hung parliament or Labour in for yet another term. For enterprises who have been able to to stay afloat so far in the continuing financial situation, the taxation increases for later in the year will put more pressure on the finances of enterprises of all sizes. There is the proposed increase in National Insurance contributions that will affect all companies, and then there is the proposed increase in Capital Gains Tax (CGT), so any small firm that was either subject to buy-out offers or support from a Business Angel may now see those offers be removed. So if such a small firm has an outstanding bill with a large firm for projects completed or items sold this simply adds to the pressure.

If the small firm realises that they get no joy by getting in touch with the large firm and see Debt Collection proceedings as their best strategy for payment, they may well find that on carrying out a search they see many Debt Collection agencies only willing to help. While there may be ethical and honest Debt Collection agencies in the search results, there may well be some which are not so honest and have emerged to take advantage of the need for Debt Collection. If the small firm has worked with the large firm for many years then they will have formed a good professional relationship and won’t want to have this damaged. The risk they could take with Debt Collection agencies is that they may not be troubled about what tactics they employ to get the bill paid. With some Debt Collection agencies it would be no surprise to see then ask for an up-front payment, possibly to cover them if the large firm went into winding up proceedings before paying the bill.

The best thing the small firm can do is to survey Debt Collection Software and undertake the Debt Collection project with their own resources. In this way they will not only have full control of how the Debt Collection procedure is handled but will also have a good grip of the costs involved. Naturally they will need some guidance in the Debt Collection procedure and this should come from the documentation set that is part of the Debt Collection Software. There should{ought to also be guidance in the composing of Debt Collection Letters since these are at the heart of the Debt Collection procedure. Debt Collection Letters really form the communications method between the two enterprises and so they ought to be carefully composed, using any relevant legislation as well as any useful phrases used by Debt Collection agencies, once again included in the Debt Collection Software documentation set. The small firm should also realise not to use any emotional or threatening wording in the Debt Collection Letters as this can put the small firm in a bad light with the large firm as being unprofessional.

So by composing good Debt Collection Letters and applying the rules as shown by the Debt Collection Software it is hoped that the small firm can successfully encourage the large firm to not only pay the current late bill but also to ensure that all future bills are paid on time.