‘Debt management is very labor-intensive. It is important to have a routine with fixed times to remind your customers of their outstanding invoices from you. Due to busy schedules and in my case, being the sole person handling the finance department, it often becomes a neglected area. That shouldn’t be the case, of course.’
‘I started working at Edge Workspaces in September, but before that, I worked at Spaces. Essentially, these are similar types of companies with similar kinds of customers. At Spaces, I had been using Debitan for two years, and I was very satisfied with it. We saw a significant decrease in the number of outstanding items in a short period, which is exactly what you want! At Edge, a growing company, I had to set up the entire finance department first. I was busy with CRM and administration, which caused me to neglect debt management right from the start. I did look into major outstanding items and contacted those customers, but I couldn’t go any further due to time constraints. That’s when I quickly suggested Debitan.’
Significant time savings
‘My main motivation was that debt management was taking up about 20 hours of my time each month. By outsourcing it, I can dedicate that time to other tasks while keeping the cash flow in order. I also enjoy working with Debitan. The staff is very accessible, and because they are familiar with our company (partly because it resembles Spaces, but also because they take the time to understand it), they know what they’re talking about. They are all friendly individuals who are easy to collaborate with and interact excellently with our customers.’
‘Engage a party to take over your
It saves you a significant amount of time,
and the process becomes much more efficient with competent debt management professionals.’
Clear, organized, and straightforward
‘The biggest advantages of Debitan, in my opinion, are the time savings. As I mentioned earlier, it saves me about 20 hours per month. I’m also very satisfied with the result-oriented approach of the debt management team. The procedures are well-established. Another added value is that when invoices need to be handed over for collection, it can all be done under the same roof. I don’t have to communicate with another company; I know it will be taken care of. Lastly, I find the software very user-friendly. I can generate useful reports, and when I receive information requests about customers, I can respond quickly and easily. The system is clear and straightforward.’
Lessons from the pandemic
‘I joined Edge Workspaces during the COVID-19 crisis. Naturally, I did consider that we might be affected, that payments might decline. However, it turned out to be not as bad as expected. We don’t have many tenants in the hospitality or events industry that were severely impacted by the crisis. There are a few companies facing difficulties, but that’s really marginal for us. Additionally, we are also seeing new customers interested in memberships. They want to join our business club and use the flexible workspaces. Others want to temporarily freeze their contracts until they can easily work outside again. It has little impact on my administration, and it’s especially great that they still want to continue.’
‘I would definitely recommend companies to engage a party to outsource their debt management. Even for large companies with their own administration and debt management departments, this is highly valuable. Employees can then have more time for other tasks. Furthermore, it’s very challenging to find good debt management professionals who can dive into their task, while also being diplomatic and empathetic towards their clients’ customers. And what I also truly appreciate is that even though I have outsourced debt management, I am always involved in my own administration. When things come up or actions need to be taken, I am always notified. I know exactly what’s going on, but have my hands free for other tasks.
About Edge Workspaces
Edge Workspaces gives entrepreneurs and employees space to reach their full potential in their respective fields. She rents out flex spaces and office spaces as well as meeting rooms to both sole proprietors and large corporations. And don’t count on ending up in a concrete box, because plenty of attention was paid to health and sustainability in the development. For example, the air quality is perfect, you work in a green environment and there is in-house catering. Learn more about Edge Workspaces (now only in Amsterdam and Berlin) at www.edge.tech.