A Leamington-based building services consultancy has boosted its cash flow with credit control support from Burgis & Bullock.
Greenway & Partners, which includes Greenways Building Services Consultants, specialise in mechanical and electrical engineering design and has been a client of the firm for five years.
The building services consultancy primarily works on commercial projects ranging from £250,000 to £20 million in value.
Greenway & Partners has been based in Leamington for more than 50 years and has played a key role in the delivery of a number of significant local construction projects.
Burgis & Bullock already provided management accounts, payroll and personal tax services to the business.
The business approached Morgan Hill, Accounts Senior, to see if Burgis & Bullock would be able to help them crack down on late payments and debtors.
She set up a new process to make it easier for debtors to pay, issue reminders for overdue payments, send out statements and chase payments.
This was followed-up by phone calls to debtors to notify them that they have outstanding invoices with Greenway & Partners.
The work has resulted in a near six-figure boost in the business’s cash flow.
Matt Lancaster, Director at Greenway & Partners, said the business has seen a marked improvement on cash flow as a result of the newly introduced credit control procedures and stable cash flow will give the businesses the foundations for growth.
“Being paid on time is vital in our industry. However, relationships with clients are really important too and you don’t want to damage those relationships by chasing too hard,” said Matt.
“We looked at our outstanding invoices and noticed that despite the majority of our invoices being paid on time, some were dragging on.
“This led us to speak with Morgan at Burgis & Bullock about automating the credit control process via Xero and exploring how they could support.
“We have seen a marked improvement in our cashflow as a result, we feel more informed and it has been encouraging how quickly the improvement in response from clients has come.
“By having a stable and strong cash flow, we have a base we are confident in to enable us to pursue expansion and growth plans.”
Morgan Hill added: “We are still in the early stages of supporting Greenway & Partners with credit control so it is fantastic to see such great results already.
“We have been able to take the burden off the directors, allowing them to focus their time on building their business while we chase the invoices to boost cash flow.
“This is a service we are able to integrate into Xero, but still keep the human touch which is so important in maintaining client relationships.”
To find out more about credit control services at Burgis & Bullock visit https://www.burgisbullock.com/services/outsourced-finance-and-credit-control/