CM September 2020

How a debt recovery firm remodelled their business to
respond to client demands
If the pandemic has taught us anything, it is the need to be agile and
responsive to change. Brands that do not have the courage to embrace
transformation are likely to be left behind. A company that has perfectly
demonstrated this, is Controlaccount Plc.
This year sees Controlaccount quietly celebrate its 40th anniversary and
here we look at how the business has evolved from a simple debt recovery
model, to a fully integrated outsourcing business, delivering over fifty white
labelled services to some of the biggest UK and global names. Over the
past five years in particular, the firm has repositioned itself to respond to
shifts in the debt recovery landscape.
Founded on values
Initially based in a small office in Holborn, London, Controlaccount was
founded in September 1980, by Chairman, Graham Ball. The initial
objective was to support clients with debt collection services, whilst
operating with integrity, decency and understanding. These core values
have been delivered consistently, throughout the company’s history. This
proposition was attractive to many clients who needed to collect overdue
invoices but did not want to be associated with the murky world of debt
recovery (as it was seen in the early ‘80s).
Controlaccount began working predominantly with clients in the medical
sector. At one stage in its history, Controlaccount worked for most of the
UK’s private hospitals and healthcare continues to be a key sector the firm
supports. Other early clients came from growing sectors such as mobile
phone companies and international debt recovery organisations (secured
through professional relationships with commercial attachés in London
embassies).
Growth and expansion
Forty years on, on behalf of its many blue chip customers, Controlaccount
undertakes the recovery of over 30,000 delinquent invoices every month
and collects some £40m each year. Key clients now include leading
universities and colleges, a number of medical establishments and brand
names from across the transport and logistics sector. It has not however,
always been an upward trajectory and Controlaccount navigated many
challenges during its forty years. As the debt recovery sector matured, it
became more crowded and inevitably, rates were driven down. Although
this resulted in the business losing some clients, by continuing to uphold its
core principles, Controlaccount retained clients that valued both success
and decency.
With a track-record driven by its embedded values, it is no surprise that
Controlaccount was a founding (and continues to be a) member of the
Credit Services Association, and that its ISO accreditations are woven
throughout its day to day processes.
their customers. Specifically required was a shift towards digital interaction
and automation, to enable clients to process high volumes and work
accurately and efficiently. The business began to evolve, working more
collaboratively to enable clients to improve performance, increase profit and
provide engaging customer experiences.
Supportive technology
In 2013, Controlaccount demonstrated its technology credentials with the
launch of Cogenda and ClientWeb. These are a debt recovery ‘engine’ and
an online real-time portal where creditors can communicate and manage
activity, such as uploading and updating new accounts. These industryleading
platforms are still used today.
In the same year, by delivering bespoke customer relationship management
builds, web-based applications and software solutions, Controlaccount
began to move away from a single service debt recovery model to become
a comprehensive business process outsourcing provider. This dovetailed
into the provision of operational standalone services such as white labelled
multi-channel communication centres, branded mailings and advanced
credit control functions.
Full service
By 2018, through its UK call centres and branded mailing facilities,
Controlaccount had become a fully-fledged business process outsourcing
company offering over fifty services. These included IT and application
solutions, financial, marketing and back-office support, plus all forms of debt
recovery, credit control and operation solutions. In addition, Controlaccount
developed other brands within their family, including the identeco - Business
Support Toolkit. This online data portal delivers full business insights
and financial reporting. The current Controlaccount offer also includes
identecoHR; an innovative HR and time management tool which enables
businesses to perform all their human resources functions from one
database.
Robust systems
As the impact of Covid-19 ripples through the global economy, David
Harvey, Controlaccount’s Managing Director and the driving force of the
business’s new direction, believes that offering a diverse range of services
to support clients will hold the organisation in good stead.
“Sadly, many businesses will not survive the pandemic. So, whilst
forbearance and understanding play a part, companies must focus on
having a robust collection process in place. Now is also the time when
businesses need to review their model to streamline operations, increase
productivity and continue to implement new ideas. Our outsourced services;
whether delivered ad-hoc or on a longer-term basis, provide organisations
with the ability to deal with the unexpected.”
For more information on Controlaccount and how it can help your business
thrive, visit controlaccount.com
Responding to needs
As the debt recovery sector matured, it became apparent that
Controlaccount needed to respond to the emerging needs of its clients and